Trade: Trimmed Freeport McMoran Position
Copper has been hot so we've used this opportunity to trim about 30% of our position in leading copper producer Freeport McMoRan (FCX). FCX has had a huge run up over 50% since our last purchase in the Opportunistic model. Not to mention this model is highly levered so trimming a few positions are prudent after a big run the last few months.
With copper back up to the $3.78 today, FCX could easily run back to the highs around $120 back in 2008 before the financial crisis. 70% of the position is being held due to these prospects. Not to mention the potential shortages of copper going into 2011 could even push prices much higher the the $4/lb saw back then.
With copper back up to the $3.78 today, FCX could easily run back to the highs around $120 back in 2008 before the financial crisis. 70% of the position is being held due to these prospects. Not to mention the potential shortages of copper going into 2011 could even push prices much higher the the $4/lb saw back then.
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