After China announced economic measures that fell short of a much-anticipated additional stimulus package, shares of Freeport-McMoRan (FCX) and other miners went down, as did the prices of key metals.
Recently, silver futures were down about 4%. Copper and platinum futures were down about 2% and palladium futures were down more than 1%. Over 1% of the spot gold price dropped.
The National Development and Reform Commission (NDRC), China’s economic planning agency, presented plans on Tuesday that included expediting government spending. The agency reiterated previous plans to, among other things, encourage consumption, boost investment, and assist low-income groups.
China still believes it will achieve its economic objectives.
Zheng Shanjie, Chair of the NDRC, stated that Beijing is confident in its ability to achieve its annual economic and social development goals.
Among the mining industry’s biggest losers on Tuesday were the shares of Freeport-McMoRan, Southern Copper (SCCO), Rio Tinto (RIO), and BHP (BHP) that are traded in the United States. Each of these stocks has recently lost at least 4%.
