FCX is the world’s largest producer of molybdenum, a major copper producer, and it operates the world’s largest gold mine, a perfect mix on Wednesday night, which saw the stock surge +7.6% in just one session. Like most miners, this US giant is likely to follow the prices of the commodities it produces closely; in this case, we believe the tailwind is set to gather upside momentum. Encouragingly, even after last nights strong economic data leading to a jump in bond yields & the Greenback, FCX only retraced 0.2%.
- We can see FCX breaking out on the upside in a very similar manner to copper —MM owns FCX in our International Companies Portfolio.
MM is long and bullish towards FCX
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