Copper prices have surged to all-time highs, with the metal trading at over $4.70 per pound as of Friday, up from just about $2.40 per pound a year ago. This is significantly positive for Freeport-McMoRan (NYSE: FCX) a major copper producer.
- Will Freeport Stock Fall Further?
- With Copper Prices Falling, What’s Next For Freeport Stock?
- Why did Freeport-McMoRan Stock Lose 30% In Value?
- Is Freeport-McMoRan Stock A Buy?
- How Has Resistance In Copper Prices Impacted Freeport-McMoRan Stock?
- Amidst Strong Rally In Copper Price, Will Freeport-McMoRan Stock Continue To Shine?
The gradual lifting of lockdowns, stimulus packages, and lower interest rates have led to expectations of faster economic recovery and higher demand from automobile and construction companies, leading to the copper rally.
Copper accounted for about half of Freeport’s Revenue in 2020, and its contribution is likely to grow meaningfully this year. Freeport stock is up by about 60% year-to-date driven largely by the copper rally.
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