Thursday, October 23, 2008

Copper at 3-year low; slower growth in China partly to blame

The recent drop of 30% in Freeport McMoRan's 3rd quarter earnings has become the poster child for declining copper prices. Copper hit its lowest level in about the last 3 years today. October futures fell to just a fraction over $2 per pound on Tuesday, in large part to reports that China is experiencing less than expected growth.

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