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...A version of this article was first published by Nikkei Asia on November 16. ©2021 Nikkei Inc. All rights reserved....
...After a succession of false starts, Phelps Dodge, Lundin Mining and the DRC’s Gecamines committed to construction in late 2006. Phelps Dodge was bought by Freeport-McMoRan in early 2008....
...Buying Freeport, which spent $26bn to acquire rival Phelps Dodge last year, would help the Brazilian group build its position in base metals....
...Alcoa shed 3.3 per cent to $29.10, and Phelps Dodge fell 3.8 per cent to $77.07....
...Phelps Dodgegained 4.1 per cent to $83.06 and Freeport-McMoran, the copper and gold producer, added 2.3 per cent to $55.53....
...Monster Worldwide, the advertising and recruitment company, fell 11.7 per cent to $42.00, while construction equipment maker Caterpillar fell 7.3 per cent to $67.52....
...But gains were pared as the persistence of high bond yields and stronger than expected construction spending figures weighed on sentiment....
...Hughes Supply jumped 18.3 per cent to $45.61 after Home Depot agreed a $3.5bn deal for the distributor of construction supplies....
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