Copper stocks are taking a beating on Thursday and we’re taking a look at what has investors in the resource companies feeling down.
The drop in copper stocks today makes sense as the markets are falling in general. This has to do with recent concerns that investors have about the future of the economy. The main sources of these worries are the Delta variant of the coronavirus, as well as rising inflation rates.
To go along with this, the prices of metals are falling, which is something no copper company wants to see. That comes as demand for steel in China diminishes.
Let’s jump into how this is affecting some of the biggest copper stocks below!
Copper Stocks Falling on Thursday
- Freeport-McMoRan (NYSE:FCX) stock is sitting roughly 5% lower as of this writing. This comes as 20 million shares trade, as compared to its daily average trading volume of 20.7 million shares.
- Rio Tinto (NYSE:RIO) stock is down about 2.6% Thursday afternoon. With this comes about 2.9 million shares changing hands, as compared to its daily average trading volume of 2.3 million shares.
- BHP Group (NYSE:BHP) stock joins the list with shares falling around 3.8%. That comes as some 4.3 million shares move, as compared to its daily average trading volume of about 1.9 million shares.
- Newmont (NYSE:NEM) stock is only down slightly as of this writing but saw major dips earlier today. More than 2.3 million shares have traded today, as compared to its daily average trading volume of 6.2 million shares.
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