| Positive Eurozone Indicators Lend Support to Copper Prices | |
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Freeport-McMoRan to Offer Up Energy Assets: Will It Be Enough? (Continued from Prior Part) Positive Eurozone indicators
The Eurozone flash PMI (purchasing managers’ index) released by Markit on June 23 gives an encouraging outlook for the Eurozone. Please note that Europe (EFA) (EZU) is among the major copper consumers in the world.
PMI hits a 14-month high
The chart above shows the Eurozone’s manufacturing PMI. In June, the flash PMI came in at 52.5, up from 52.2 in May. This is the highest PMI reading in 14 months.
The composite PMI, which covers both services and manufacturing sectors, came in at 54.1, a 49-month high. Based on its survey, Markit expects Eurozone GDP (gross domestic product) to rise by 0.4% in 2Q. The region witnessed growth of 0.4% in 1Q as well.
Positive for copper companies
The PMI survey points to resilience in European manufacturing activity. New manufacturing orders have now increased for seven consecutive months, and employment has increased for eight months. An increase in the Eurozone’s PMI is a positive sign for the global copper industry.
Europe is a major market for Freeport McMoRan (FCX), BHP Billiton (BHP), and Rio Tinto (RIO). These companies should benefit from the increase in Eurozone’s manufacturing activity.
Given the positive Eurozone data, copper prices rose by as much as 1%. Earlier, prices had fallen to a three-month low on concerns over the ongoing Greece crisis.
While the Eurozone PMI came in better than market expectations, China’s PMI sent mixed signals. And because China is the biggest copper consumer, it’s important that copper investors keep a close watch on Chinese data. In the next part of this series, we’ll discuss the Chinese copper industry in greater detail.
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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 (€ 65.3 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on April 25, 2024 at US$ 48.24. Freeport McMoran has 1 448 000 000 shares outstanding. |