NEW YORK () -- Freeport-McMoRan ( - ) stock is decreasing by 1.40% to $9.85 in midday trading on Friday, as copper prices are lower following Federal Reserve Chairwoman Janet Yellen's remarks yesterday and poor manufacturing data in China.
The dollar strengthened to a five-week high today, after Yellen indicated in a speech on Thursday that she supports an interest rate hike by the year end, Reuters reports.
A stronger dollar is weighing on dollar-traded copper, as demand falls as the metal become relatively more expensive to foreign buyers.
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Also weighing on copper prices are preliminary manufacturing data from China released yesterday that showed a seventh straight month of declines within China's factory sector, adding to concerns about copper demand from the world's largest metals consumer.
Copper for September delivery is down 1.02% to $2.29 on the COMEX this afternoon.
Freeport-McMoRan, based in Phoenix, is a natural resource company with an industry portfolio of mineral assets, oil and natural gas...