| Event-Driven Week: How Could Freeport-McMoRan Play Out? | |
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Key Events Freeport-McMoRan Investors Should Watch Event-driven week
After a short week due to the Thanksgiving holiday, US (SPY) investors are now in an event-driven week. This week’s events could also impact the FOMC (Federal Open Market Committee) meeting. It’s scheduled later in the month. In this series, we’ll look at some of the events scheduled this week. We’ll also analyze how Freeport-McMoRan (FCX) could play out in the week.
Chinese PMI
December started on a weak note for commodity companies. China’s November manufacturing PMI (purchasing managers’ index) released on December 1. It was lower than the market expectations. The official version came in at a three-year low of 49.6. A private survey by Markit and Caixin put the country’s manufacturing PMI at 48.6—up slightly from the October reading, as you can see in the above graph. Both of the PMIs came in lower than the average expectations. It’s important to note that a PMI below 50 shows a slowdown in the manufacturing activity.
Rough ride
With the Chinese economy slowing down, commodity producers can’t fare any better. Freeport-McMoRan and other copper producers including Glencore (GLNCY) and Teck Resources (TCK) had a rough ride this year. However, Southern Copper (SCCO) has one of the lowest leverage ratios in the copper industry. Looking at the slump in other companies’ share prices, it hasn’t fallen much.
The PowerShares DB Base Metals ETF (DBB) invests in a portfolio of commodities. DBB’s performance has also been dismal this year. It lost more than 21% of its value YTD (year-to-date).
After the release of China’s PMI, the markets look forward to the ECB’s (European Central Bank) meeting. In the next part, we’ll explore how the meeting could impact copper prices.
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Freeport McMoRan Copper and Gold Inc.
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PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a gold and copper producing company based in United states of america. Freeport McMoran produces gold, copper, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is US$ 69.9 billions as of today (€ 65.2 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on April 24, 2024 at US$ 48.24. Freeport McMoran has 1 448 000 000 shares outstanding. |