COM - Freeport McMoRan bounces with copper price on U.S. debt talks optimism

2023-05-19 07:55:02 ET

Freeport McMoRan ( NYSE: FCX ) +1.8% pre-market Friday as copper prices rebound in London, after negotiators reportedly told President Biden they are making "steady progress" in talks to avoid a U.S. default.

Also boosting the market are a slightly weaker dollar index and some speculators said to be closing out short-term bearish positions ahead of the weekend.

Benchmark three-month copper ( HG1:COM ) on the London Metal Exchange recently traded +1.8% to $8,273/metric ton after declining 1.6% in the previous session, as the dollar hit a seven-week high and LME inventories rose.

ETFs: ( COPX ), ( CPER ), ( JJCTF ), ( JJC )

Other industrial metals also are moving higher on the LME, including aluminum, nickel, zinc, lead and tin.

LME copper futures have slid ~5% so far this month after shedding 4.5% last month, with analysts citing weak demand in China and potential recession in the U.S. and Europe.

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