| Freeport-McMoRan Continues to Trade Weakly: Investor Takeaways | |
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What Do Recent Copper Industry Indicators Mean? Freeport-McMoRan continues to trade weakly
Freeport-McMoRan (FCX) touched its 52-week low on August 7 before closing at $11.65—up 10.64% from the previous day’s close. Prior to this, the stock has traded weakly, reaching new lows almost every day.
Dismal Wall Street performance
The above chart shows the recent stock market performance of copper producers. Freeport has lost more than 50% since the beginning of the year. It currently trades at less than one-third of its 52-week high of $37.10 per share.
Teck Resources (TCK) has lost ~45% since the beginning of the year. Along with copper, Teck Resources is also involved in coal mining. Its coal segment has been under severe pressure on subdued Chinese demand. China’s steel demand is expected to contract this year. The slowdown in China’s steel demand has negatively impacted the fundamentals of iron ore and coal, which are used in steel production.
Southern Copper (SCCO) has bucked the trend and managed to hold relatively steady amid global commodity carnage. Its share price is down ~2% so far in 2015. This is much less than other companies in the metals and mining space (XME).
Metal shares, including Alcoa and BHP Billiton (BHP), seem to defy all laws of gravity and lift. At a time when the broader US markets (VTI) are trading near their all-time highs, metal shares seem to be headed southward.
Series overview
In this series, we’ll look at some of the key indicators that Freeport investors should track. This should help you understand where Freeport could be headed in the coming months.
Let’s begin by looking at the recent trend in copper prices in the next part of this series.
Continue to Next Part Browse this series on Market Realist:
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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$ 72.9 billions as of today (€ 68.1 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on April 26, 2024 at US$ 50.37. Freeport McMoran has 1 448 000 000 shares outstanding. |