| 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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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 d'or et de cuivre basée aux Etats-Unis D'Amerique. Freeport McMoran est productrice d'or, de cuivre, 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 73,9 milliards US$ (69,4 milliards €). La valeur de son action a atteint son plus bas niveau récent le 06 mars 2020 à 10,00 US$, et son plus haut niveau récent le 19 avril 2024 à 51,01 US$. Freeport McMoran possède 1 448 000 000 actions en circulation. |