30-Day Low for 3-Month Copper Drags Down Freeport-McMoRan Stock

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Shares of copper miner Freeport McMoRan fell 5.65% to $22.22 in morning trading Monday as copper prices plunged.

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The cash price of primary copper saw the biggest decline of the day, dropping 0.8% on the LME to close at $6,305 per metric ton on Monday, January 5. The copper 3-month price fell to a 30-day low at $6,245 per metric ton after shifting 0.7%.

The price of US copper producer grade 122 remained essentially flat at $3.54 per pound. The Japanese copper cash price held steady at JPY 794,000 ($6,592) per metric ton. The price of US copper producer grade 102 remained essentially flat at $3.73 per pound. The price of US copper producer grade 110 held steady around $3.54 per pound.

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Chinese copper closed mixed yesterday. Chinese copper wire prices saw a 0.4% decline to CNY 46,150 ($7,438) per metric ton. The price of Chinese copper bar held steady at CNY 47,000 ($7,575) per metric ton. The Chinese copper cash price held steady around CNY 47,200 ($7,607) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 40,400 ($6,511) per metric ton.

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