NEW YORK, NY -- (Marketwire) -- 05/25/12 -- Commodity prices across the board continue to slide on concerns of slowing growth in China and Greece leaving the Euro signaling weaker demand for the metal. Copper prices hit four-month lows Wednesday. Copper on the Comex in New York touched $3.3865, the lowest it has been since Jan. 9. The Paragon Report examines investing opportunities in Copper Industry and provides equity research on Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Southern Copper Corp. (NYSE: SCCO).
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"Given this gloomy backdrop, we expect that markets will continue to be on the defensive for much of this week, at least until we see more specifics coming out from the EU policy meeting," Edward Meir, an analyst at INTL FCStone, said in a report. If Greece leaves the euro China's economy may be faced with the worst growth in over two decades, economists at China International Capital Corp said in an email report Wednesday. China is currently the world's biggest copper user and will see growth slow to 8.2 percent in 2012 from 9.2 percent in 2011 according to the World Bank.
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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. The company operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. The company reported net income attributable to common stock for first-quarter 2012 was $764 million, $0.80 per share, compared with net income of $1.5 billion, $1.57 per share, for first-quarter 2011.
SCC is one of the largest integrated copper producers in the world. They produce copper, molybdenum, zinc, lead, coal and silver. All of their mining, smelting and refining facilities are located in Peru and Mexico. Despite lower prices for metals the company was able to increase first quarter 2012 to $1,805.9 million, 13 percent higher than first quarter 2011.
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