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Tuesday, June 29, 2010

Freeport-McMoRan (NYSE:FCX) Follows Gold Prices Down

Freeport-McMoRan Copper & Gold (FCX) has mostly suffered from the low price of copper because of slow global demand, but when it doesn't get help from gold, it can get hit even harder, and that was the case Monday, as gold plunged $17.10, falling to $1.238.60.

In the early part of the trading session it got a nice jump, falling just a couple of dollars off its all-time high, but plummeting around 11:00 AM EDT.

Recent behavior in those cases has been for gold to usually recover after 12:00 PM EDT, but that wasn't the case today, as it never regained traction.

Freeport move jointly with the price of gold, ending at $64.66, a drop of $1.91, or 2.87 percent.

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