"BNamericas reported that Creston Moly’s molybdenum prices are likely to top USD 40 per pound in 2009.

Mr Jonathan George CEO of Creston said that "Molybdenum is trading at around USD 33.85 per pound but we see it moving up into the USD 40 per pound range in 2009 because there is a stranglehold on molybdenum supply."

Chilean state copper commission Cochilco recently forecast molybdenum, which is not traded on spot markets, to average about USD 33 per pound this year. Molybdenum has stayed at roughly that level since 2007 after rebounding from around USD 23 per pound in 2006 following a high of some USD 37 per pound in 2005."

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