That lack of demand has driven metals prices down…
During September, copper futures in New York lost more than a quarter of their value which is the biggest quarterly derease since 2008.
“That could take a big, big hit,” Bradford said of Freeport’s earnings. “It’s not something they did wrong, but the copper price plummeted when the dollar rallied.”
Any 5 cent change in the copper price equates to $14 million on Freeport’s bottom line, Bradford said.
This has turned into a bit of a financial worry to metal producers as if there isn’t a high demand for it, there cannot be alot to produce.