| What’s Driving Freeport-McMoRan to Multi-Year Lows? | |
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Why Is Copper Falling to New 2015 Lows? Multi-year lows
It hasn’t been this challenging for commodities since the great recession of 2008–2009. While copper and aluminum are still above their 2009 lows, spot steel prices in the United States have already reached their 2009 lows. Nickel has been among the worst performers, and it’s trading near 12-year lows. However, the biggest challenge is the correction in Chinese steel prices, which are now trading at the lowest levels in more than two decades.
The PowerShares DB Base Metals ETF (DBB) invests in a portfolio of commodities. It has lost ~21% year-to-date.
Shares tumble
When commodities trade at multi-year lows, commodity stocks can’t be far behind. Freeport-McMoRan (FCX) closed at $8.10 on November 24. Although Freeport-McMoRan is marginally above its 2015 lows, it’s still down 65% year-to-date. Teck Resources (TCK) hasn’t performed any better. It’s lost 68% of its market capitalization this year. Read Freeport-McMoRan: Why the Current Rally Could be Unsustainable to learn about FCX’s long-term drivers.
Southern Copper (SCCO) and Turquoise Hill Resources (TRQ) have been better off, losing 8% and 10%, respectively, this year. Read Southern Copper: A Business Overview of a Copper Giant to learn more about SCCO.
Second leg of correction
While commodity prices have been weak for most of the year, the current correction has taken them to new 2015 lows. In this series, we’ll explore the factors driving copper prices lower. We’ll also look at the copper industry’s recent demand and supply dynamics. This should help you understand what direction copper and copper producers could take.
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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 71,5 milliards US$ (66,8 milliards €). La valeur de son action a atteint son plus bas niveau récent le 06 mars 2020 à 10,00 US$, et son plus haut niveau récent le 25 avril 2024 à 49,40 US$. Freeport McMoran possède 1 448 000 000 actions en circulation. |