NEW YORK, NY -- (Marketwire) -- 06/08/12 -- Copper stocks received a boost Wednesday as copper prices snapped a five-day slide as a result of a weaker dollar and the possibility of more monetary easing from the Federal Reserve. Copper for July delivery jumped 2.7 percent to $3.3790 pound on the New York Mercantile Exchange's Comex division. Five Star Equities examines the outlook for companies in the Copper Industry and provides equity research on Freeport-McMoRan Copper & Gold (NYSE: FCX) and First Quantum Minerals Ltd. (TSX: FM).
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The euro rose as the European Central Bank (ECB) left interest rates unchanged, which some economists expected to be cut to help with the European debt crisis. Mario Draghi, ECB President, stated that Europe's problems will not be solved by monetary stimulus alone, and it is up to the governments to find a solution.
Ben Bernanke will speak in front of Congress Thursday, and some investors are hoping that his comments will signal stimulus for the economy. "Many players are now looking to bet on more global monetary easing, which should help commodities as money floods the system and hard assets become more dear," traders at RBC Capital Markets said in a note to clients.
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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. FCX is also the world's largest producer of molybdenum and a significant gold producer. Copper sales in first-quarter 2012 were higher than the revised March 2012 estimate of 795 million pounds, but gold sales were below the revised estimate of 300 thousand ounces.
First Quantum Minerals Ltd. is a rapidly growing mining and metals company currently operating two mines and developing five projects worldwide. Current copper projects are expected to more than triple annual copper production in 2015. The Company will emerge as a significant nickel producer in 2012 when its two new nickel projects are expected to achieve commercial operation.
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