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The Wall Street Journal reported that copper prices were higher this week on additional supply cut announcements from Freeport McMoRan (NYSE:FCX). Glencore (LSE:GLEN) has also announced cuts to its copper production this year.
The Wall Street Journal reported that copper prices were higher this week on additional supply cut announcements from Freeport McMoRan (NYSE:FCX). Glencore (LSE:GLEN) has also announced cuts to its copper production this year.
As quoted in the publication:
The London Metal Exchange’s three-month copper contract was up 2.5% at $4,703 a metric ton at the PM kerb close, an 11-day high.
News that large producers, including Freeport-McMoRan Inc. and Glencore PLC, would likely would reduce their copper output has lent support to the copper market in recent days.
Additionally, the dollar softened on Tuesday, lending the industrial metal support. The WSJ Dollar Index was recently flat at 89.68.
