Copper Market Rebounds -- Lundin Mining and Freeport McMoRan Poised to Benefit
19 Januar 2012 - 2:20PM
Marketwired
Copper stocks have been on the upswing this week as the price of
the red metal recently hit a new 3 month high. Copper prices have
rallied as upbeat Chinese economic data fed hopes that officials in
the world's top copper consumer will try to stimulate growth. China
said its economy grew by 8.9 percent in the fourth quarter, which
was slower than the previous quarter. Analysts, however, consider
these levels "robust," the Associated Press reports. The Paragon
Report examines investing opportunities in the Copper Industry and
provides equity research on Freeport McMoRan Copper & Gold Inc.
(NYSE: FCX) and Lundin Mining Corporation (TSX: LUN). Access to the
full company reports can be found at:
www.paragonreport.com/FCX
www.paragonreport.com/LUN
Copper inventories in London Metal Exchange (LME) warehouses
dropped to a 13-month low this week, and more declines are seen
likely due to a pick-up in U.S. demand. Reuters reported that a 25
percent drop in LME copper prices in the fourth quarter, which
touched a low of $6,635 per tonne in October, triggered restocking
in China, which accounts for about 40 percent of global copper
consumption.
Citigroup analyst David Wilson says that "it's fairly obvious
that China has been restocking since September, attracted by lower
prices, but now the question is: are we going to see more
restocking or are consumers already sitting on reasonable
volumes?"
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Lundin Mining Corporation operates as a diversified base metals
mining company with operations in Portugal, Sweden, Spain, and
Ireland. The company produced 27,488 tonnes of copper in the fourth
quarter, up from the 24,908 tonnes a year ago. Zinc production rose
15 percent to 27,053 tonnes. Full-year copper production fell five
percent to 75,877 tonnes, mainly due to production issues at
Neves-Corvo earlier in 2011.
Freeport-McMoRan Copper & Gold Inc. engages in the
exploration, mining, and production of mineral resources. The
company primarily explores for copper, gold, molybdenum, silver,
and cobalt.
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