Demand for magnesium has remained steady since mid-June, trading in the range of $1.98 to $2.18 per pound during the week of August 16, a level that has not changed since June 26. Most analysts expect the metal to remain range-bound during the remaining few weeks of summer, when trading usually slows down.
A change in Utah’s state pollution regulations is likely to affect Salt Lake City’s US Magnesium, the sole magnesium manufacturer based in the United States. A loophole in the law that has allowed companies to exceed pollution limits is expected to be closed soon; polluters will be forced to be more accountable and will be less able to blame environmental damage on equipment malfunctions. US Magnesium challenged the regulatory change in a federal appeals court earlier this month, but was unsuccessful. The company has not, however, had any major accidents since 2007.
Why Have Most Investors Forgotten About Metals - One Of The Safest Investments In The World?Discover everything you need to know to diversify your portfolio with metals. Click below to download a FREE industry report on critical metals investing.
Get My Investing Guide
Click here to download for free