North American copper miners, including Freeport-McMoRan and Teck Resources, are anticipated to show a significant drop in their first-quarter earnings due to declining copper prices and ongoing high operational costs. Despite copper prices reaching multi-year highs last month following capacity expansion limits by major Chinese smelters, the average benchmark prices fell around 5% during the quarter. This decline is attributed to concerns over reduced demand from China, the top consumer of copper, and worries about rising interest rates affecting the market.
Posted: 2024-04-22 10:24:51.000000