Freeport McMoRan (NYSE:FCX), as with most commodity producers, has been experiencing some volatility lately as competing market data and events push against the company and commodity sector from opposing sides.
For example, copper prices were moving up based on the drop in value of the U.S. dollar, but at the same time pressured down by the news China imported the lowest amount of copper in a year.
The announced bailout of Ireland helped push up the euro in trading, also resulting in the fall in value of the dollar. All of this is causing commodities to fluctuate and uncertainty to swirl around them because of the different economic and market pressures.
Freeport is a good bellwether to test the commodities market, and today it's telling us things are weak and volatile, suggesting the market remains jittery as China, Ireland and currencies generate concerns.
Freeport was trading at $100.51, falling by $1.29, or 1.27 percent at 1:32 PM EST.
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