Freeport-McMoRan (FCX) Weakens as China Reverses Policy on Repos
Tweet
Share
E-mailGet Alerts FCX Hot Sheet
Join SI Premium – FREE
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Natural Gas Inventory 36 bcf vs 31 bcf Expected
- Oil prices edge up as investors weigh US-Iran talks deadlock against lower demand
- Oil settles up over $2 as Iran war stalemate stokes supply concerns
Create E-mail Alert Related Categories
Commodities, ETFsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
