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Freeport-McMoRan: Let It Run

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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.

The likely outcome here is another dip in copper prices and the stock providing the last opportunity to buy FCX on the cheap.

More research on FCX and other stocks - WhoTrades

Disclosure: Long FCX. Please review the disclaimer page for more details. 

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