‘Strikingly tight’ copper market belies price drop, miner says

Bloomberg/Yvonne Yue Li and James Attwood/10-20-2022

graphic image of pick and shovel symbolic of gold mining industry“It’s ‘striking how negative financial markets feel about this market and yet the physical market is so tight,’ said Richard Adkerson, chief executive officer of Freeport-McMoRan Inc.”

USAGOLD note: A familiar refrain often heard among gold market analysts and investors.…… In fact, such was the subject of Monday’s Daily Market Report. Freeport-McMoRan is the world’s largest publicly traded copper producer. Gold, as it turns out, is not the only market with a major disconnect between physical demand and paper pricing.

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