11.03 -0.00 (-0.00%)
After hours: 6:56PM EST
|Bid||10.94 x 1400|
|Ask||11.03 x 21500|
|Day's range||10.93 - 11.34|
|52-week range||8.43 - 14.68|
|Beta (3Y monthly)||2.43|
|PE ratio (TTM)||68.09|
|Earnings date||22 Jan 2020 - 27 Jan 2020|
|Forward dividend & yield||0.20 (1.77%)|
|1y target est||13.05|
(Bloomberg) -- The mood in base-metals markets has turned so miserable that copper-mining giant Freeport-McMoRan Inc. turned to a local gospel choir to add some cheer as the industry gathers in London.Freeport put in a last-minute call for the group to help Chief Executive Officer Richard Adkerson wind down the week on a high note. Together, they entertained attendees at a dinner hosted by the company Wednesday with uplifting renditions of classics including “O-o-h Child” and “Oh Happy Day.”For traders, miners and investors attending LME Week this year, there hasn’t been much else to celebrate, at least in the short term. The mood is a reversal from a year ago, as demand for most metals suffers due to the U.S.-China trade war.“It would all be good if we didn’t have this damn trade war,” Adkerson said. “There was a negative mood coming into this week.”Still, there’s potential for an uplift on the horizon, he said.“An improvement in economic conditions, which is in everybody’s interest in this world, has the potential for having a major near-term uplift in copper prices,” he said. “We’re not predicting it, we’re not running our business on that, but I think it’s a real possibility.”To contact the reporter on this story: Mark Burton in London at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Liezel Hill, Nicholas LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Today we'll evaluate Freeport-McMoRan Inc. (NYSE:FCX) to determine whether it could have potential as an investment...
(Bloomberg) -- As head of sales for copper-mining giant Freeport-McMoRan Inc., Javier Targhetta overflows with arguments for why the metal’s prospects are bright.Yet even the five-decade metals veteran and copper bull acknowledges the miserable mood seeping through the industry’s annual gathering in London this week. For now, any talk of constraints on new supply or higher consumption as the world’s cities expand is drowned out by worries about sagging demand fueled by the U.S.-China trade war.It’s a dramatic shift from a year ago, when just about everyone in the industry was bullish on the metal used in pipes and wires.“The fundamentals for the market are very positive in the short-, mid- and long-term, but the mood is not that great,” Targhetta said in an interview. “We keep hoping and expecting that when the uncertainties clear up, it will jump in a vivid way.”Here’s what the metals world was saying about copper this time last yearAt about $5,900 a ton, London Metal Exchange copper is near the bottom of a tight range it’s held since the trade war broke out in mid-2018. Mounting evidence of a consequential collapse in manufacturing output has helped to keep a lid on prices even as supply issues stack up. Prices have fallen 4% in the past year. The gloomy sentiment at this year’s LME Week isn’t limited to copper. Commodities consultancy CRU Group on Tuesday offered a downbeat assessment of the prospects for industrial metals in the coming year. Global demand will drop this year for copper, aluminum, zinc and lead, according to CRU's estimates. There are even doubts that nickel — the star performer this year — may struggle to hold its gains in the face of deteriorating demand. Nickel’s rally has been fueled by an expedited ban on raw ore exports from Indonesia, and a sharp drawdown in inventories on the LME. Nickel’s supply shock has been too big for traders to ignore, but they’ve been happier to discount simmering issues in top copper producer Chile, where the worst social unrest in decades has led to disruptions at several major ports and mines.“The mood is not that great”Mine supply in the copper market is already constrained, and Freeport will push for a further reduction in the processing fees it pays smelters to reflect that tightness, Targhetta said.So-called treatment charges for mined copper concentrates were set at a six-year low of $80.80 per ton of processed ore this year, and it wouldn’t be surprising to see them fall below $70, he said.Copper ore is becoming harder to find and mine, which means the industry will struggle to meet the world’s needs, Targhetta said.There’s also plenty of compelling reasons on the demand side to bet on higher prices, he said.What a Difference a Year Makes: Gloom and Doom at Metals WeekFreeport calculates that the mining industry will need to find an additional 100 million tons of copper over the next two decades to feed rising consumption in renewable energy, electrified transport and urbanization projects, he said.That’s about five times current annual output, and isn’t far short of the 160 million tons of additional metal that was needed over two decades to feed China’s unprecedented economic expansion, Targhetta said.(Adds drop in copper prices over the past year to the fifth paragraph. )To contact the authors of this story: Mark Burton in London at email@example.comJack Farchy in London at firstname.lastname@example.orgTo contact the editor responsible for this story: Lynn Thomasson at email@example.com, Liezel HillNicholas LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Freeport-McMoRan (FCX) delivered earnings and revenue surprises of 0.00% and -7.57%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Freeport-McMoRan (FCX) stock is up more than 2.5% today. Other copper miners are also in the green, although the Dow Jones is trading sideways.
Lower copper prices owing to the U.S.-China trade war and slow global economic growth are likely to weigh on Freeport's (FCX) Q3 results.
Freeport-McMoRan (FCX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Investing.com - U.S. futures were flat on Thursday as investors remained cautious from mixed signals ahead of trade talks between the U.S. and China.
Dividend paying stocks like Freeport-McMoRan Inc. (NYSE:FCX) tend to be popular with investors, and for good reason...
(Bloomberg) -- At least 26 people were killed and dozens injured as fresh clashes erupted in Indonesia’s restive Papua region, according to military and police officials.Protesters clashed with police and military in the cities of Jayapura and Wamena on Monday after a hoax about a student being racially abused went viral on the social media, according to Papua police spokesman Ahmad Musthofa Kamal. Twenty two of those killed were in Wamena alone, a city in the Papua mountain region. The clashes also left 72 people injured, and dozens of vehicles, houses and government buildings were torched in the day-long rioting, he said in a statement.The resource-rich Papua region was rocked by separatist protests last month, forcing authorities to deploy additional troops to quell the violence that targeted government buildings and the army. The region is home to Grasberg copper and gold mine, operated by Freeport-McMoRan Inc. and the Tangguh LNG project run by BP Plc.Located in the western half of the island of New Guinea, Papua became part of Indonesia following a controversial U.N.-backed referendum in 1969. Decades of conflict between separatists and the government ensued, with the latter standing accused of repeated human rights abuses, rampant deforestation and the exploitation of natural resources.Indonesian President Joko Widodo on Monday said the latest bout of violence was triggered by hoaxes spread on the social media and he urged people to restrain from rioting and targeting public properties.The violence-hit cities were calm on Tuesday and efforts were on to start a dialogue with protesters, according to National Police spokesman Dedi Prasetyo. Authorities have restricted mobile data services in Wamena regency to prevent the spread of hoaxes, the communications ministry said.Operations at PT Freeport Indonesia’s massive Grasberg copper and gold mine were unaffected by protests and riots, company spokesman Riza Pratama said.The latest clashes are an attempt to provoke the Indonesian security forces and draw the attention of the United Nations General Assembly to the unrest, Widodo’s chief of staff Moeldoko said in a statement. He appealed to the police and army to show restraint.Jokowi, as the president is known, has spent billions of dollars on new infrastructure in an effort to cultivate warmer relations with secessionist factions that have long pursued independence from Indonesia. But the relative lull in violence was broken with the detention and racial abuse of 43 Papuan students in Surabaya for alleged desecration of Indonesia’s national flag during the independence day.(Updates death toll in lead, second paragraph)To contact the reporter on this story: Arys Aditya in Jakarta at firstname.lastname@example.orgTo contact the editors responsible for this story: Thomas Kutty Abraham at email@example.com, Tassia SipahutarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Trump’s tariff reprieve and trade war de-escalation lifted metal and mining stocks. Alcoa and Freeport-McMoRan have gained 25.8% and 12.8% in September.
Digging into the copper mining industry can reveal some potential investment opportunities and better explain what it takes to make money from an ore that is growing in value.
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...
Gold prices remain hot as investors seek safety amid ever-changing headlines on the U.S.-China trade war.