Whilst the broader market settled moderately lower, there was renewed significant weakness in the mining/energy sector. Freeport McMoran (FCX) settled lower by -9.4% @ $13.64, the lowest level since March 2009. Near/mid term outlook remains bearish to the 10/7s.
*first, an update on Copper... for which remains a sig' part of FCX's operations
As for FCX, it remains one of my favourite mining stocks. Although it is notable that it also has an interest in the Oil/gas sector.
The $10/7s look due.. not least if the sp'500 fails to hold the giant 2K level this Sept/Oct.
At some point commodities are going to floor, but for now... the trend is unquestionably down.. and that is going to take FCX.. along with most other miners with it.