By Leia Michele Toovey- Exclusive to Copper Investing News On Wednesday, U.S. copper futures retreated to a low dating back to July 2005. The price of copper for March delivery traded down to $1.5170, a contract low. The session high was $1.5965 per lb. COMEX estimated copper volume at a light 6,427 lots. Over in [...]
By Leia Michele Toovey- Exclusive to Copper Investing News With little relief in sight when it comes to the global economic crisis, analysts are expecting further downside for copper. So far this year, COMEX copper prices are down nearly 60 per cent since their record high above $4.00 a lb in July. It is anticipated [...]
By Leia Michele Toovey- Exclusive to Copper Investing News On the Shanghai Exchange, copper has tumbled 18 per cent this week alone, putting the year’s cumulative losses at 41 per cent. The current price point of copper puts it on par with the level it was at in December 1999. Copper for January delivery dropped [...]
Despite a strengthening US dollar positive expectations around the approval of the US bailout plan saw US copper futures rise. Copper’s early strength tied to gains on Wall Street, with the benchmark S&P 500 and Nasdaq temporarily adding more than 2 percent. Find the complete article here. Positive news for copper includes a new strike [...]
The controversial Grasberg mine, owned by Freeport McMoRan Copper & Gold Inc. continues to be under attack from Indonesia’s Papua province rebels. The Free Papua Movement (OPM) have claimed responsibility for the bombings in the area and are demanding the closure of Grasberg. Freeport’s Grasberg mine — believed to have the world’s third-largest copper reserve [...]
By Leia Michele Toovey- Exclusive to Copper Investing News Wednesday was the first day in five sessions that U.S. copper futures ended up. The change in trend comes after a reduced production outlook from a top producer and an earthquake in northern Chile re-ignited some fears of a shortfall in supply. The price of copper [...]
Freeport-McMoRan Copper & Gold Inc. (FCX) experienced a failure at their 90.6% owned subsidiary PT Freeport Indonesia (PT-FI) where about 75,000 tonnes of material were affected at the Grasberg open pit. The incident is not expected to have a significant impact on PT-FI’s long-term mine plans. PT-FI’s mining and milling activities are continuing normally but access [...]
The Democratic Republic of Congo would like a bigger part in the Tenke Fungurume copper-cobalt project that is currently 58 percent owned by Freeport-McMoRan and 25 percent owned by Lundin Mining. Tenke, described as one of the world’s richest unexploited copper and cobalt resources, is one of the 61 projects under scrutiny as part of [...]
Zacks.com reported Freeport-McMoRan Copper & Gold, Inc.‘s second quarter results. They were down 23.2 percent year-over-year mainly due to reduced sales volumes of copper and gold. The reduced sales were attributed to mine sequencing at Indonesia’s Grasberg mine. Freeport-McMoRan was able to offset the increase in costs with the help of high copper and gold [...]
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