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Stock Alert: Freeport-McMoRan Down 7% As Copper Prices Drop

Shares of copper mining company Freeport-McMoRan Inc. (FCX) are slipping nearly 7% on Tuesday morning hurt largely by a drop in copper prices, which dropped to a 7-week low.

FCX is currently trading at $36.78, down $2.69 or 6.83%, on the NYSE. The stock has traded between $10.37 and $46.10 in the 52-week period.

Copper prices dropped to their lowest since April 26, over the speculation that the Chinese authorities might enforce few measures to control a recent price rally in commodities.

Copper prices had reached an all-time highs last month driven by a surge in global commodity prices and increase in manufacturing in China.

Three-month copper on the London Metal Exchange fell as much as 2.9% to $9,680 a ton, while the most-traded July copper contract on the Shanghai Futures Exchange hit its lowest since April 23 at 69,500 yuan $10,852.08 a ton.

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