Freeport-McMoRan Inc (NYSE:FCX) is in the spotlight after the company’s Indonesian division received a permit to export around 1.11 million tonnes of copper concentrate until February 16, 2018. Indonesia had previously halted Freeport’s exports of copper concentrate from the giant Grasberg mine in January due to the nation wanting to renegotiate contracts to benefit the country. Uncertainty over the Grasberg mine has hurt sentiment around Freeport-McMoRan Inc (NYSE:FCX), whose shares have arguably lagged behind some other potential ‘Trump infrastructure plays’.
Despite the good news, Freeport-McMoRan Inc (NYSE:FCX) are off by $0.27 per share, or 2.12%, in late morning trading most likely due to the lower crude oil and copper prices. Shares of the miner are off by around 7% year-to-date.
What Does The Smart Money Sentiment Say?
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Of the 742 elite funds we track, 43 funds owned $2.17 billion of Freeport-McMoRan Inc (NYSE:FCX) and accounted for 11.40% of the float on December 31, versus 36 funds and $1.55 billion respectively on September 30.
The Bottom Line
Despite its Indonesian operations receiving a permit to once again export copper concentrate for almost a year, Freeport-McMoRan Inc (NYSE:FCX) is lower due to softening oil and copper prices. For those of you interested, check out this interesting article about the countries that produce the most copper.