Freeport-McMoRan Copper & Gold Inc. (FCX) suspended operations at the world’s second-largest copper mine, where five people were killed and 23 remain trapped after a tunnel collapse at the Grasberg complex in Indonesia.
Looks here like FCX may fill the gap below $31 before it starts climbing again. Copper prices are slipping a bit and it might be a good time to get that bit of business done. Could be back over $33 a few days after. A good bounce off the $30.50 area should seal the deal.
Even if both deals fell through I don't see the reversal pop happening curth. FCX has lost it's status as a pure copper/gold miner and the premium that went with it when management announced it's decision to diversify the company. How long will it be until the next acquisition target is announced and how big a hit will the share price take on that announcement? A large element of uncertainty has been added to owning FCX shares that was not there before.
With the Chinese in control of the copper market most of the pricing action happens overnight. Makes the market action during our market hours look tame. FCX chart is getting more bullish on the daily and not yet overbought. IMO not a dead cat.
I agree bully. Copper hit an 18 month low yesterday and yet FCX had an up day. Another drop like that and it will be flirting with breaking below $3. It looks here like there is more ST risk being long than short.
Closed above 15d ma yesterday for the first time in a couple weeks. Behaving well all things considered. Below average volume not confirming the strength IMO.
Tough spot here mike. Copper testing lows for the year, 3.085 now. FCX shrugging it off on a red day in the markets. Looks like it wants to go higher if given the chance.
For fcx to finish flat today when copper jumped 8 cents overnight makes no sense. The sellers still rule. If copper can challenge or break $3.30 I think they will lose control. Will have to wait and see how the Syria news affects the markets tomorrow.
No panic but over 28M shares traded. Copper and the metals doing fine. Looking like someone with deep pockets pushing fcx down and will likely hold it under $30 into close if they can. Could be a preview of tomorrow's action.
Kinda looks like some meddling going on. Maybe early signal that $30 is the number they want for tomorrow? $30.43 is the 15d SMA, would like to see it close above today and tomorrow but it has become an area of resistance. Not sure now if FCX can get thru and hold above this afternoon.
SCCO making intraday highs. With copper pushing 3.26, is very possible FCX will close nearer the highs of the day. Volume over 15M shares already.
April 18, 2013 04:18 PM Eastern Daylight Time
Freeport-McMoRan Copper & Gold Inc. and Plains Exploration & Production Company Set Special Meeting Date and Stockholder Election Deadline
PHOENIX & HOUSTON--(BUSINESS WIRE)--Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Plains Exploration & Production Company (NYSE: PXP) today announced that PXP will hold a special meeting of its stockholders on May 20, 2013, to vote on the proposed acquisition of PXP by FCX. Stockholders who held shares of PXP common stock at the close of business on March 21, 2013, the record date of special meeting, will be entitled to vote on the proposed merger.
bully, I had similar problems with yahoo a few weeks ago, Got tired of deciphering those goofy pictograms. My primary browser is Opera. Cleared out all the yahoo stuff (cookies, stored password, cache) and started fresh. Maybe was coincidence but having far fewer hassles since.
I sure hope FCX can see some big benefits from the O&G side because IMO the copper market is going nowhere fast unless it is down. Seems like most here are in a hurry to pick the bottom but if copper truly is an economic indicator, where's the growth going to come from? Eurozone GDP is negative. LT solutions are being dismissed in favor of short-term patches. My sense is the real turmoil there hasn't even begun yet. The US growth rate, recently cut to under 2% is shaky. The lousy numbers recently are shrugged off as the major indexes just keep climbing. China's growth rate while positive was also just reduced and the next revision is more likely to be down than up without growth in it's big trading partners. 2/3 of their manufacturing goes to exports. Japan's has also recently been cut to under 1%. Sure the market is looking ahead but what is it seeing positive? Can't be GDP numbers that is for sure. Throw a little deflation into the picture, add a strong dollar, and the outlook for the commodity world starts looking pretty grim.. The currency wars are just starting to heat up as well. I don't want to start sounding like Mr. Insect, but one step forward and two steps back may be how the rest of the year plays out. Should copper break $3, rather than signaling a bottom, it may be the beginning of a serious retreat. Not making predictions, just offering another point of view...