SOURCE: Paragon Financial Limited

Paragon Financial Limited

July 10, 2012 08:20 ET

Freeport-McMoRan and Taseko Mines Shares Fall as Copper Prices Slump the Most in Two Weeks

The Paragon Report Provides Stock Research on Freeport-McMoRan and Taseko Mines

NEW YORK, NY--(Marketwire - Jul 10, 2012) - Copper prices slumped the most in two weeks last Friday on weak U.S. employment numbers and as China unexpectedly issued a rate cut. China's interest rate cut came as a surprise to many, and raised concerns that their economy was growing at a slower pace than reported. China is currently the top copper consumer accounting for approximately 40 percent of the world's demand. The Paragon Report examines investing opportunities in the Copper Industry and provides equity research on Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Taseko Mines Ltd. (NYSE: TGB) (TSX: TKO).

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"Copper fell mainly due to the dollar, which appreciated quite significantly against the euro after the ECB decision, which put severe pressure on commodities," Daniel Briesemann, an analyst at Commerzbank, said.

"Also the rate cut in China raised concerns that a string of economic data that will be published next week might be significantly weaker than previously expected. One could argue that China's central bank knows something that people don't and bad data would raise more fears of a hard landing in China," Briesemann added.

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FCX is the world's largest publicly traded copper producer and has a dynamic portfolio of operating, expansion and growth projects in the copper industry. FCX is also the world's largest producer of molybdenum and a significant gold producer. The company is scheduled to release second quarter 2012 results on July 19, 2012. 

Taseko is the 75 percent owner and operator of the Gibraltar Mine, which is the second largest copper-molybdenum mine in Canada. In addition, Taseko is currently in the Environmental Assessment process for the New Prosperity project, the 7th largest undeveloped gold-copper deposit in the world. The company recently reported 2012 second quarter total production of 23.9 million pounds of copper and 379,000 pounds of molybdenum at its 75% owned Gibraltar Mine.

The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at: