China copper smelters bracing for shortage of vital scrap metal
Around 30% of China’s refined copper production used scrap metal as a feedstock in 2023.
While some of the silver and gold miners have not been trading in a tight relationship to the precious metals themselves, copper miner Freeport McMoRan (FCX) has been pretty steadily with the price of copper.
This chart shows how FCX has traded against copper over the past two years. Although the chart presents the entire two years, I color-coded certain points on the chart to present some additional perspective on how FCX has been trading in specific timeframes.
