Why Shares in Copper Miner Freeport-McMoRan Crashed in June
Shares in copper miner Freeport-McMoRan (NYSE: FCX) fell a whopping 25.1% in June according to data provided by S&P Global Market Intelligence. The move comes in line with a sell-off in the price of copper and negative investor sentiment on the future direction of the economy in the light of interest rate hikes by the Federal Reserve and other central banks.
Having started the month with a price of around $4.30 per pound, the price of copper fell sharply to end the month at around $3.60 per pound -- a drop of 16.2%.
It's a significant move, but long-term investors shouldn't lose sight of the long-term picture here. For example, the current price is still notably higher than the $2.60 per pound at which copper entered 2019 (before COVID-19), and it's also a lot higher than average over the last decade.
Source Fool.com
