Freeport-McMoran $FCX +8% After Earnings, Where Now For the Copper Giant?

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  • #10557
    TradersCom
    Keymaster

    [article]59[/article]

    #10558
    ThePitBoss
    Participant

    Great stuff! It certainly helped them that Copper ripped overnight also, longer term the picture is about debt write downs and cash flow I agree. Indonesia of course is critical also but I read that that is pretty well smooth now – somewhere.

    #10559
    ThePitBoss
    Participant

    Oh and even higher an hour into it..

    Freeport-McMoRan $FCX 14.58 +1.62 +12.51%

    #10570
    ThePitBoss
    Participant

    LME COPPER: Three-month copper on the London Metal
    Exchange jumped 1.5 percent to $6,118 a tonne by
    0700 GMT, after earlier touching its highest level since Feb. 20
    at $6,130 a tonne.

    Talk that copper’s close above the $6,000 mark last week brought in momentum buying and above Monday’s peak in early Asian hit fresh stop-loss buys.

    #10571
    ThePitBoss
    Participant

    Seems all trader action as on Monday showed Chinese imports of copper fell 11 percent in June year-on-year to 1,444 tonnes.

    #10575
    Assistanc3
    Participant

    Freeport McMoRan ($FCX +14.2%) is today’s top performer on the S&P 50

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