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Copper is falling to fresh six-year lows.
On Tuesday, the commodity broke $5,000 a ton for the first time since July 2009.
And copper futures were down more than 2%, near $2.2725 a pound.
Shares of copper miners were also lower amid a broader decline in stocks. Freeport-McMoran and Southern Copper fell more than 3% in morning trading.
Copper fell to six-year lows last month as part of the big sell off in commodities sparked partly on concerns of slowing demand from China.
In a note to clients on Monday, Barclays strategists noted that China's devaluation of the yuan last week further weakened commodities. And, the economic data from China, including a 6% year-on-year slowdown in industrial production, is bearish for the economy and may mean more yuan devaluation.
They wrote: "While we continue to believe China’s copper consumption will increase y/y in 2015, with the main question being the robustness of that growth, that belief is predicated upon the second half of 2015 leading to a stabilization in the Chinese economy via stimulus measures, supporting copper consumption directly and indirectly."
"However, the deterioration in the Chinese economy may continue, and the risk of a Chinese hard landing appears to be growing, not declining, which would undermine our assumption."
Here's a chart showing the drop in copper futures on Tuesday:
(Finviz)
And here's a longer-term look at copper:
(Finviz)
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VanEck Vectors Global Alternative Energy ETF
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PRODUCTEUR |
CODE : FCX |
ISIN : US35671D8570 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Freeport McMoran est une société de production minière de cuivre et d'or basée aux Etats-Unis D'Amerique. Freeport McMoran est productrice de cuivre, d'or, d'argent, de cobalt et de molybdène au Chili, au Perou, en Indonesie et en Republique Democratique Du Congo, en développement de projets de cuivre au Perou, et détient divers projets d'exploration au Chili. Ses principaux projets en production sont CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI et MORENCI - ROM LEACH au Chili, GRASBERG, SIERRITA et BAGDAD en Indonesie, TENKE FUNGURUME et TYRONE en Republique Democratique Du Congo et CERRO VERDE au Perou, son principal projet en développement est SAFFORD au Perou et ses principaux projets en exploration sont BAGDAD - ROM LEACH et CHINO - ROM LEACH au Perou et CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH et CLIMAX au Chili. Freeport McMoran est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 2,1 milliards (1,9 milliards €). La valeur de son action a atteint son plus bas niveau récent le 06 mars 2020 à 10,00 , et son plus haut niveau récent le 19 septembre 2024 à 45,14 . Freeport McMoran possède 47 442 200 actions en circulation. |