| | | Copper, base metals extend losses on China virus fears
Jan. 27, 2020 8:59 AM ET|About: Freeport-McMoRan Inc. (FCX)|By: Carl Surran, SA News Editor
Freeport McMoRan (NYSE: FCX) -4.3% pre-market as copper prices tumble to their weakest levels in nearly eight weeks on demand worries due to the spreading Chinese coronavirus.
London benchmark three-month copper recently -1.8% at $5,817/metric ton, its lowest since Dec. 4, after falling 5.5% last week.
"Chinese demand accounts for about 50% of the majority of base metals and looking at the latest data regarding the coronavirus, it's now spread quite widely," said analyst Timothy Wood-Dow at BMO Capital in London. "On Friday, we didn't know this, and it seemed quite contained."
Prices for nickel, lead, aluminum, zinc and tin are all lower. |
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