Copper Goes From Bad to Worse as Prices Tumble to Six-Year Low
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A bad week for copper just got worse as futures tumbled to a six-year low in New York and Goldman Sachs Group Inc. forecast prices will drop another 15 percent by years end.
The rout is driving down share prices and increasing pressure on miners to trim costs. Freeport-McMoRan Inc., the biggest publicly traded producer of the metal, fell the most in six months after an earnings conference call left investors uncertain on the company’s direction.