Freeport-McMoRan, the world’s biggest publicly listed copper producer more than than tripled its profit in Q3. Higher copper prices and an increase in demand for the metal at a time when copper inventories are plunging. $FCX has been repaying debt and distributing dividends from the surge in revenues.
Copper prices fell Tuesday to their lowest level in two months on concerns China may intervene on rising commodity prices. Freeport-McMoRan $FCX, the world’s biggest publicly listed copper producer has also fallen. The strength in copper had been boosted by a supply constraints, a weaker USD and China’s economy.
Freeport-McMoRan $FCX, the world’s biggest publicly listed copper producer, released its quarterly results before the markets opened on Thursday. The strength in copper has been boosted by a weaker USD and China’s economy.
Tax Reform euphoria saw the Dow hit it’s 70th high for the year today and leading iron ore stocks went up with it. Leading iron ore stocks, $RIO, $BHP and $VALE have been receiving a boost with China’s clean air program, we also got positive election news for miners in Chile.
Copper prices soared on Monday after weekend data from China to the highest level since August 2014. The move was also fueled by position taking ahead of China’s 19th Communist Party Congress this week.
Freeport-McMoRan $FCX, the world’s biggest publicly listed copper producer Swung back to a profit in the second quarter. the stock soared 8% at open. We look at where to now for FCX.