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'Strikingly tight' copper market belies price drop, miner says
By Yvonne Yue Li and James Attwood
Bloomberg News
Thursday, October 20, 2022
Copper prices don’t reflect a "strikingly tight" physical market, according to the world's largest publicly-traded producer of the metal used in everything from computer chips to electric vehicles.
Macroeconomic headwinds have pushed copper futures down almost 30% from a peak in March, despite brisk demand and shrinking inventories that are nearing historical lows.
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It's "striking how negative financial markets feel about this market and yet the physical market is so tight," said Richard Adkerson, chief executive officer of Freeport-McMoRan Inc.
"We're not seeing customers scaling back orders. Customers are really fighting to get products," Adkerson said Thursday during a conference call with analysts after the miner reported adjusted third-quarter per-share profit that exceeded estimates.
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