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KGHM copper nosedives on copper prices in line with int'l peers

TAG'S: KGHM, Industrial (other)

Listed copper group KGHM share price seems to have caught up with falling copper prices and dwindling peer valuations after initially defying these moves, a local analyst commented for PAP on KGHM's 6% share price decline Wednesday morning.



- It seems that the Polish company is reacting with a delay and heading towards fundamentals both in terms of commodity prices and in comparison to peer companies, Erste Securities analyst Tomasz Duda told PAP.




The copper price fell by 10% over the past two days and KGHM's peers such as Freeport-McMoRan or First Quantum Minerals suffered over 10% share price declines on Tuesday, Duda noted.




Erste sticks to its "sell" recommendation with a PLN 91.5 target price, Duda said.




Copper price at the London Metals Exchange (LME) is down by 6.3% to USD 5493.75 per ton for contracts with deliveries in three months. Earlier today the copper price reached its lowest point since 2009.


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