Freeport-McMoRan fell 0.8%, and China Molybdenum fell 3.2%. Copper prices themselves are still at relatively high levels, but copper mining stocks didn't move in sync today, all experiencing minor declines.
If the soft-landing narrative is driving copper prices, mining stocks should benefit more; but today, even these two flagship copper miners didn't react, suggesting the market is pricing copper miners at more of a discount—the narrative exists, but its realization in stock performance is very slow😔
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