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Date: 2021-06-11 04:18:45
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It’s been a crazy year to date for the Lynas Rare Earths Ltd (ASX: LYC) share price, which is gaining once more today. At the time of writing, Lynas shares are swapping hands for $5.815 – 6.7% more than at yesterday’s close.
While there’s no news out of the company to explain the increase, it’s not the first time shares in Lynas have shown mysterious volatility.
Let’s take a gander at what the rare earths producer has been up to lately.
The last time we heard price-sensitive news from Lynas was on 20 April, when the company released its quarterly report. Despite the report’s seemingly positive content, the Lynas share price fell 16.77% over the three days following its release.
Inside its quarterly report, Lynas shared that it had increased its production of rare earth oxide, while its neodymium and praseodymium production was slightly lower than the previous quarter. Rare earth spot prices had also gained over the quarter.
Since then, Lynas shares have continued to bounce around. They have both dramatically gained and fallen multiple times for no clear reason.
Despite experiencing plenty of drama lately, the Lynas share price has been performing well overall.
It’s currently up by around 45% year to date. It has also gained around 190% since this time last year.
The company has a market capitalisation of around $5.2 billion, with approximately 901 million shares outstanding.