#Freeport-#McMoRan Inc: The #Copper Market Isn’t as Bad as You Think
#China’s demand growth is slowing. Our #Western demand is not as good as we and others had hoped it would be, but it’s still expanding gradually.
#Copper business differs from other commodities in that there is not an enormous excess supply in inventories.
Exchange stocks not rising significantly, remaining low by historical standards, at a time when the copper price has gone from $2.88 to $2 from the end of 2014 to the current date. It is — even looking at the decline in prices so dramatically since the third quarter, inventories are not building. The story is fundamentally, in today’s world, the business we’re seeing is not as negative as the financial markets are reacting to it.