Can Freeport-McMoRan Stock Keep Flying in 2021?
Copper and gold miner Freeport-McMoRan (NYSE: FCX) is having a great 2021 so far. Its stock is up 47% year to date. The key reason comes down to its exposure to the rising price of copper. The price of the shiny metal used across the industrial economy has gone up from around $3.50 per pound at the start of the year to around $4.50 per pound today. The question now is whether the stock's run can be sustained. Here's what you need to know before buying in.
The thesis behind buying the stock rests on the idea that copper prices can continue to rise over the long term and that Freeport is positioned to take advantage of it. Notwithstanding the usual pricing volatility along the way, I think there's a good chance that both of these things are likely, and here's why.
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Source Fool.com
