Freeport-McMoRan: Higher Copper Price Path
Updated - Jan. 6
People not buying FCX the last couple of months missed out big time. The copper miner appears headed to $50 and even $60.
- Freeport McMoran (will improve demand for metals) in Friday's trading, placing it near the top of the day's S&P 500 leaderboard and capping an 11% gain for the week, as copper prices rise on hopes that China's efforts to
- Comex copper for March (HG1:COM) delivery recently to $3.917/lb, while the most-traded February copper contract on the Shanghai Futures Exchange ended to 65,060 yuan/metric ton ($9,460).
- Green energy demand will continue to push copper prices higher over the next decade.
- Freeport-McMoRan is already highly profitable at current copper prices and the path appears for record prices above $5/lb in the years ahead.
- The copper miner could produce $12+ billion in EBITDA.
- The stock is cheap at only 4.5x those aggressive EBITDA goals.