FCX

Freeport-McMoRan, Inc.

27.26
USD
-6.64%
27.26
USD
-6.64%
26.61 51.99
52 weeks
52 weeks

Mkt Cap 40.02B

Shares Out 1.47B

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Copper price gains lift miners as China COVID restrictions ease a bit

Copper prices are rebounding from their lowest levels this year after Shanghai set out plans for ending the COVID-19 lockdown that has lasted more than six weeks. The city achieved the long-awaited milestone of three straight days with no new COVID-19 cases outside quarantine zones. "Shanghai is coming out of lockdown gradually and that is giving rise to demand hopes for cyclical commodities in particular," Commerzbank analyst Daniel Briesemann said, according to Reuters. "From a technical point of view, most of these metals were oversold and sentiment was quite gloomy so it could only get better," Briesemann said. Comex copper for July delivery (HG1:COM) was +2.1% to $4.28/LB ($9,423/ton) midday after sinking to seven-month lows last week.

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