Freeport-McMoRan Drops as Copper Prices Sink By Investing.com

By Christiana Sciaudone

Investing.com —   Freeport-McMoRan (NYSE:FCX) dropped more than 7% as copper prices dropped.  

Copper prices hit the lowest since April 26 over fears that Chinese authorities are taking measures that could curb the rally in commodities, according to Mining.com.   

China renewed a pledge to step up monitoring of commodity prices as domestic producer inflation hit the highest in more than 12 years. The market expects the nation to release state reserves of copper, aluminum and zinc.

Electric vehicles that are becoming increasingly common require copper, and are helping drive demand. 

Sales over the past two quarters at Freeport-McMoRan have hit the highest since 2018.