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 (NYSE:FCX) +6% 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 boost its economy will improve demand for metals.
- Comex copper for March (HG1:COM) delivery recently +2.5% to $3.917/lb, while the most-traded February copper contract on the Shanghai Futures Exchange ended +1.5% to 65,060 yuan/metric ton ($9,460).

Original article posted on Dec. 18
- 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.
With China heading towards a full reopening from covid lockdowns, copper is likely headed towards a breakout. Freeport-McMoRan (NYSE:FCX) remains one of the best ways to play a copper rebound due to huge EV demand ahead along with natural Chinese demand. My investment thesis remains Bullish on the stock below $40.
Read the full article on Seeking Alpha.
Disclosure: No position mentioned. Please review the disclaimer page for more details.
Comments