Freeport McMoRan Sees Largest Intraday Loss Since 2008

Bloomberg reported that Freeport McMoRan (NYSE:FCX) saw its share price fall 20 percent on Monday, the largest intraday loss for the company since 2008.
As quoted in the publication:

The Bloomberg Industrial Metals subindex slumped 3.9 percent last week as Chinese growth concerns sparked global market turmoil and fanned fears that the nation’s demand for commodities will drop further. The Bloomberg World Mining Index of 80 equities on Monday fell for a fourth day to the lowest since 2004.
“The continuation of the weakness in Asian equity markets continues to build concerns about Chinese demand in copper,” David Meger, the director of metals trading at High Ridge Futures in Chicago, said in a telephone interview. “There’s the obvious correlation of weakness in the equity market and the expectation of that being in close correlation with a weak Asian economy.”

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