Freeport McMoRan, copper miners crushed on rising recession fears (NYSE:FCX)

Freeport McMoRan, copper miners crushed on rising recession fears (NYSE:FCX)

FactoryTh/iStock via Getty Images

Freeport McMoRan (NYSE:FCX) -6.4% in Thursday’s trading, plunging to a 16-month low, mirroring losses in copper as rapidly rising interest rates and weak economic data spark worries of a global slowdown that would cut demand for metals.

Comex July copper (HG1:COM) -4.4% to $3.771/lb, the lowest since February 2021, dragging the Global X Copper Miners ETF (NYSEARCA:COPX) down more than 5% to cap its biggest two-day decline since March 2020.

Also: (OTCPK:FQVLF) -11.8%, (OTCPK:SLGGF) -10.3%, (TECK) -8.3%, (ERO) -7.8%, (OTCPK:LUNMF) -7.5%, (OTCPK:CPPMF) -7%, (BVN) -7%, (HBM) -6.9%, (SCCO) -5.3%, (CPER) -4.3%.

The macroeconomic backdrop for the industrial metals sector has deteriorated, Morgan Stanley analysts say, as central banks ratchet rates higher to fight inflation and China’s zero-COVID policy slows demand for copper and other industrial metals.

Analysts at RBC Capital said recently that they expect global copper supply will outpace demand over the next two years.

Originally Posted on: https://seekingalpha.com/news/3851303-freeport-mcmoran-copper-miners-crushed-on-rising-recession-fears?source=feed_tag_commodities
By:

Written by:

10,083 Posts

View All Posts
Follow Me :

Leave a Reply

%d bloggers like this: