Shares in rare earth-related companies soared on Tuesday, led by jumps in Chines...
SHANGHAI - Shares in rare earth-related companies soared on Tuesday, led by jumps in Chinese producers a day after Chinese President Xi Jinping visited a rare earth firm in southern China, sparking speculation the sector could be the next front in the Sino-U.S. trade war.
China accounted for 80% of the rare earths, a group of 17 chemical elements used in high-technology consumer electronics and military equipment, imported by the U.S. from 2014 to 2017. Analysts said that Xi’s visit might indicate China is considering using rare earths as a weapon in the trade war, which provided support for the shares of the Chinese firms.
Shares in Innuovo Technology Co Ltd, a rare-earth permanent magnetic materials and products maker, also soared 10% to their highest since October 2017. The firm’s shares have gained 54.7% so far in May.
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