Categories:
Base Metals
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General Market Commentary
Topics:
General Base Metals
/
General Market Commentary
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.”
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.”