United States Antimony Stock Rallies On Potential Opportunity From China Precious Metals Ban: Retail Bullish
Retail sentiment on the stock has turned bullish.
FollowShares of United States Antimony Corp (UAMY) have rallied over the past week in the wake of escalating US-China trade tensions, reaching a 52-week high on Friday, heating up retail chatter.
Earlier this week, China banned the exports of rare minerals, including antimony, gallium, and germanium, to the US, a move that could potentially mean an opportunity for companies like United States Antimony.
Antimony is a scarce commodity, and United States Antimony sees ongoing supply issues and trade restrictions and resulting worldwide antimony metal prices as an opportunity for the company. It said in a recent release that market prices of the precious metal increased from $5.31 per pound on December 31, 2023 to about $17 per pound as of November 8. Rare minerals are also widely used in the industrial sector
United States Antimony recently reported its third-quarter results, which saw its revenues rise 17% to $2.421 million and its gross profit increase 65% to $426,000.
Loss from continuing operations was $683,000 for the quarter, up from $185,000 in the same period last year. The rise was “directly related” to the company's expanded scope of operations.
Retail sentiment around the stock has turned bullish. Many Stocktwits users were optimistic about the company's prospects, given the application of the rare minerals.
China’s decision to ban exports appeared to be in reaction to the U.S. curbing exports to 140 companies earlier this week.
United States Antimony is up 602% year-to-date.
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