The Copper Market Is So Bleak Miners Are Turning to the Gospel

The mood in base-metals markets has turned so miserable that copper-mining giant Freeport-McMoRan Inc. turned to a local gospel choir to add some cheer as the industry gathers in London.

Freeport put in a last-minute call for the group to help Chief Executive Officer Richard Adkerson wind down the week on a high note. Together, they entertained attendees at a dinner hosted by the company Wednesday with uplifting renditions of classics including “O-o-h Child” and “Oh Happy Day.”

Freeport-McMoRan Inc. Chief Executive Officer Richard Adkerson Interview

Richard Adkerson

Photographer: Cristobal Olivares/Bloomberg

For traders, miners and investors attending LME Week this year, there hasn’t been much else to celebrate, at least in the short term. The mood is a reversal from a year ago, as demand for most metals suffers due to the U.S.-China trade war.

“It would all be good if we didn’t have this damn trade war,” Adkerson said. “There was a negative mood coming into this week.”

Click here to continue reading...

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

Part of the Stock Digest family of websites

Small Cap Stock Digest

MARKET SUMMARY

INDICES

Name Last Change
DOW 28004.90 0.80%
S&P 500 3120.45 0.76%
NASDAQ 8540.83 0.72%
TSX 17028.47 0.33%
TSX-V 528.54 0.00%

Resource Commodities

Name Last Change
Gold 1468.00 0.06%
Silver 16.97 0.06%
Copper 2.64 2.635
Platinum 901.00 0.67%
Oil 57.72 1.65%
Natural Gas 2.69 1.53%
Uranium 25.03 0.32%

@RSDigest ON TWITTER