Freeport-McMoRan: Let It Run
As copper prices rebound, Freeport-McMoRan (FCX) will soar back to previous highs. The stock hit near $20 last year as copper prices headed to the mid-$3 range before the Chinese trade war hit demand.
Now the stock appears set for a long rally as the downtrend has been broken. One can now load up on the copper miner on any dips.
Copper prices still need to break strong resistance around current prices of $2.90/lb. On such a move, Freeport-McMoRan soars. The company generates substantial free cash flows on copper prices above $3/lb.
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