Copper Advances as Freeport Production Cuts Ease Glut Concerns
- Freeport adds to curtailments in copper as commodities slump
- People are "thinking things could get worse in China"
What's Driving Copper Prices Lower?
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Copper futures climbed for a second straight day after Freeport-McMoRan Inc., the biggest publicly traded producer of the metal, announced additional reductions in output.
Freeport extended spending and production cutbacks as the company battles to preserve cash in the deepening commodity meltdown. Copper also rose as the dollar headed for its first decline in four sessions, boosting the appeal of commodities as alternative assets.