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Freeport-McMoRan (FCX) Stock Tumbles With Copper Prices

NEW YORK (TheStreet) -- Freeport-McMoRan (FCX - Get Report) shares are slumping 5.7% to $9.93 on Tuesday with falling copper prices due to the ongoing economic uncertainty in China, which consumes nearly half of the world's copper supply, the Wall Street Journal reports.

Copper for September delivery is down 3.54% to $2.304 per pound on the COMEX this morning.

According to China's General Administration of Customs, Chinese copper imports grew 12% in August, the Journal noted. However, this positive trade data did not ease concerns about its economy.

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"It's more of the same real gloom about China and the perception that there is not much supply-side response to what is perceived to be a deteriorating demand picture," said Stephen Briggs, a base metals analyst at BNP Paribas.

Based in Phoenix, AZ, Freeport-McMoRan is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile.

Separately, TheStreet Ratings team rates FREEPORT-MCMORAN INC as a Sell with a ratings score of D+. TheStreet Ratings Team...


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