Some perspective is needed when looking at mining stocks, and definitely when looking at an industrial metal and mining stock like Freeport-McMoRan (NYSE: FCX). Its core metal, copper, is usually seen as the commodity most sensitive to economic growth – not least due to its importance in electrification.

In a year of slowing global growth, Freeport has maintained an excellent level of profitability and has several catalysts enabling it to benefit from any copper price increase. As such, the stock remains an excellent choice for commodity investors.

It's impossible to avoid discussing the future direction of the price of copper when looking at Freeport. The company's realized price of copper per pound was $3.85 in 2023, following $3.90 in 2022. But don't be fooled by how stable those numbers seem. The price of copper per pound fluctuated from $4.25 last January to as low as $3.54 in October.

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Source Fool.com