Freeport-McMoRan (FCX) Weakens as China Reverses Policy on Repos
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Copper investors were spooked Tuesday after China authorities took steps to ease inflationary pressures. For the first time in 8-months, China tightened liquidity by reversing policy on repos, draining $4.81 billion from the system.
China's maneuvering resulted in a drop in the price of copper futures. This is having an effect on Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), which is trading lower by 1.7 percent. China equities are also being affected. This is reflected by the popular China ETF, iShares FTSE China 25 Index Fund (NYSE: FXI) which is lower by 2 percent.
China's maneuvering resulted in a drop in the price of copper futures. This is having an effect on Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), which is trading lower by 1.7 percent. China equities are also being affected. This is reflected by the popular China ETF, iShares FTSE China 25 Index Fund (NYSE: FXI) which is lower by 2 percent.
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