FCX is one of the world’s largest listed copper producers, operating major long-life mines in the Americas and Indonesia, with earnings highly leveraged to copper prices. After correcting ~20% from this year’s high on growth concerns tied to the Iran war, buyers emerged, and our preferred scenario is that the stock had already found a base, making the risk/reward attractive around the $US60 area.
- We are looking for FCX to eventually punch through $US70 at some stage in 2026 – MM owns FCX in its International Equities Portfolio.
MM is long and bullish FCX
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