NEW YORK (TheStreet) -- Shares of Freeport-McMoRan Inc. (FCX) are down 2.24% to $27.92 after the Phoenix-based natural resource company said it had shut down the copper smelter at its Miami open-pit mine in Arizona after molten copper breached a processing vessel late Wednesday night and flowed onto the ground, Reuters reports.
The closure did not have an immediate impact on premiums, which are paid for physical delivery on top of the Comex benchmark, as demand for cathode is relatively sluggish with the construction industry recovering slowly, Reuters added.
For now, Freeport would likely be able to make up for any shortfall at other plants, traders said, according to Reuters.
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Separately, TheStreet Ratings team rates FREEPORT-MCMORAN INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FREEPORT-MCMORAN INC (FCX) a HOLD. The primary factors that have impacted our rating are mixed--some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and generally higher debt management risk."