On Wednesday, Shares of Freeport-McMoRan Inc. (NYSE:FCX), lost -1.92% to $9.73, hitting its lowest level, as global metal prices continue to slide.
On Tuesday, the Bloomberg commodity index touched its lowest close since 25 February 2002.
Copper traded on London Metal Exchange (LME) closed at $5,034 per tonne—its lowest level since 13 July 2009. In the past one year, Copper LME has corrected 27.08%. The MCX India Copper index has mirrored that fall and corrected 21.42%.
In the iron ore market, Chinese ore prices have fallen 46.34% in the past one year to $95.97 per tonne as on 18 August. In India, too, the largest iron ore supplier state run NMDC Ltd has been forced to cut prices in the range of 36% to 47%.
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas.
Shares of Yamana Gold, Inc. (NYSE:AUY), inclined 3.15% to $2.29, during its last trading session, as gold prices touched a high of $1124 per ounce on Wednesday morning in London, following global equities weakening on concerns over the Chinese currency and stocks.
Gold prices rose well above $1120 per ounce last morning nearing the 3½-week high it reached last Thursday. The rapid price recovery confirmed that the lower prices generate higher demand among price-sensitive investors.
Last week, gold demand saw its biggest weekly jump since June after China devaluated the yuan. On Monday, the People’s Bank of China unexpectedly started trimming the value of its currency to a multi-year low against the US-dollar.
Yamana Gold Inc. engages in gold mining and related activities, counting exploration, extraction, processing, and reclamation. The company has precious metal properties and land positions in the Americas.
Finally, Nabors Industries Ltd. (NYSE:NBR), ended its last trade with -4.70% loss, and closed at $10.35, as the U.S. oil price tumbled to a fresh six-year low on Wednesday on the latest sign of a glut in crude supplies, according to WSJ.
The benchmark crude-oil price in the U.S. slid 4.3% to $40.80 a barrel, the lowest settlement on the New York Mercantile Exchange since March 2009. Brent, the global benchmark, lost $1.65, or 3.4%, to $47.16 a barrel on ICE Futures Europe, the lowest settlement since Jan. 13. WSJ Reports
American oil prices are predictable to average less than $50 per barrel throughout 2015 after the US government’s official watchdog lowered its forecast for the next two years.
The Energy Information Administration (EIA) - part of the Department of Energy - has said that West Texas Intermediate blend crude will trade at around $49 per barrel in 2015 and recover only slightly to $54 per barrel in 2016. This is a $6 and $8 revision on its previous forecasts amid an ongoing slump in prices.
Nabors Industries Ltd., together with its auxiliaries, provides drilling and rig services. The company offers rig instrumentation, optimization software, and directional drilling services. It also provides completion, life-of-well maintenance, and plugging and abandonment of a well.
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