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Freeport-McMoRan (FCX) Stock Slides on Lower Copper Prices

NEW YORK (TheStreet) -- Freeport-McMoRan (FCX - Get Report) stock is slumping by 5.08% to $12.34 in midday trading on Friday, as copper prices are lower on disappointing China data.

Top copper consumer China reported weaker-than-expected import data on Wednesday, pushing copper prices lower, the Wall Street Journal reports.

"The sentiment on the metals markets is depressed by poor Chinese data this week and now investors anticipate release of Chinese third-quarter GDP on Monday, which is likely to provide further evidence of economy's weakness", Michael Hewson, an analyst at CMC Markets, told the Journal.

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Copper for December delivery is down by 1.01% to $2.40 per pound on the COMEX this afternoon.

Additionally, Indonesian ministers are fighting for control of the company's future in the country, Reuters reports. Specifically, the ministers disagree about whether to renew a contract for Freeport McMoRan's massive Grasberg mine in Papua.

Separately, TheStreet Ratings team rates...


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