| 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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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 72,6 milliards US$ (68,1 milliards €). La valeur de son action a atteint son plus bas niveau récent le 06 mars 2020 à 10,00 US$, et son plus haut niveau récent le 18 avril 2024 à 50,16 US$. Freeport McMoran possède 1 448 000 000 actions en circulation. |