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Freeport McMoRan CEO: Copper Market Headed For Deficit In 2012

By Tatyana Shumsky Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Freeport McMoRan Copper & Gold Inc.'s (FCX) chief executive said the fundamentals of the copper market remain strong, supported by low inventories of the industrial metal in Europe and the U.S. and ongoing infrastructure projects in China. "Overall the copper market continues to be positive given the uncertainties we've been living with...2012 appears to be another year of a deficit in the copper market," Richard Adkerson said on the company's first-quarter earnings conference call. "The industry continues to face supply constraints from interruptions to existing operations and the challenges of bringing on new projects," he said, adding that global inventories of copper remain low. China, the world's largest consumer of copper at about 40% of global output, continues to investment in infrastructure even as it takes steps to control its economic growth. "China remains the important demand driver. As I indicated, investments in urbanization and infrastructure support the market place. All of those investments require significant amounts of copper," Adkerson said. He added that as the size of China's economy increases, incremental growth translates into significant copper consumption. Europe, which as a region is the world's second-largest copper consumer behind China, remains a point of concern. "Europe is weak, but it is not as weak as some feared going into the second half of 2011," Adkerson said. Meanwhile, an uptick in manufacturing, "particularly auto sales," has contributed to greater consumption, Adkerson said. -By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; tatyana.shumsky@dowjones.com

Stock News for Freeport Mcmoran (FCX)
DateTimeHeadline
03/22/201701:29:00Freeport Indonesia Resumes Copper Concentrate Production, But...
03/21/201714:47:00Metals: Copper Falls as Supply Concerns Diminish
03/21/201711:40:00Correction to Freeport Indonesia Story (on March 18)
03/21/201708:09:00Copper Falls as Supply Concerns Diminish
03/18/201707:29:00Freeport's Dispute With Indonesia Is Hitting Output From Giant...
03/13/201716:10:00Metals: Weaker Dollar and Mine Strikes Lift Copper
03/13/201708:25:00Metals Advance Ahead of U.S. Rates Decision
03/02/201707:06:00Metals Pull Back as Dollar Climbs
02/28/201707:17:00Copper Pulls Back Ahead of Trump's Address
02/27/201706:52:00Copper Gains as Supply Tightens
02/24/201713:13:22Annual Report (10-k)
02/24/201706:40:00Copper Gains on Weak Dollar, Supply Worries
02/23/201707:09:00Copper Falls on Weak Demand
02/22/201706:25:00Copper Pulls Back Ahead of Fed Minutes
02/21/201706:57:17Current Report Filing (8-k)
02/21/201706:24:00Copper Pulls Back as Dollar Strengthens
02/20/201711:28:00Freeport-McMoRan Won't Accept Terms of Indonesia's Permit Deal...
02/20/201711:04:00Freeport-McMoRan Won't Accept Terms of Indonesia's Permit Deal...
02/20/201710:52:00Freeport-McMoRan Refuses Indonesia's Permit Deal
02/20/201709:28:00Freeport-McMoRan Updates Status of PT Freeport Indonesia Operations

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