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Freeport-McMoRan Inc. Message Board

  • keoo2 Jan 27, 2014 12:30 PM Flag

    how low will it go??

    back to 26

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    • FCX touched $38 on Jan 2 2014. We have now lost about $7.50 in January. The 2 big problems are centered around future demand, primarily concentrated on slow Chinese copper consumption and the Indonesian export tax on unrefined copper. GOI wants to impose a tax of 20% escalating up to 100%. ,Indonesia makes a lot more if the minerals are refined inside their country.

      This is a Presidential election year in Indonesia. Many copper/others are being laid off
      It is not economical to build a new smelter

      I have been very critical of FCX senior mgmt for some of their decisions. A reasonable negotiated agreement to this problem needs to be done. If we get a settlement, we should spike a couple of bucks

      Until then, we are going to continue to see more downward pressure

10.86+0.17(+1.59%)Sep 30 4:00 PMEDT