Markets move in mysterious ways, and there aren't many bigger mysteries to resolve than the move in copper prices over the last couple of months. The decline in the price of copper from more than $4.80 per pound in mid-April to less than $3.20 per pound in mid-July caught many investors by surprise, as it did the management of leading copper miner Freeport-McMoRan (NYSE: FCX).

With the miner's stock price also trashed in the process (down nearly 37% over the last three months) and the company recently releasing its second-quarter results, it's time to appraise whether the stock is a good value.

As noted, the price of copper has dropped, and so has Freeport's share price, but CEO Richard Adkerson argues that there is a "disconnect in today's physical market and the current copper price." Given Freeport's position in the market, management talks to customers about their end-market demand and views copper inventories. Adkerson believes that conditions are similar to when copper "was at $4.50."

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Source Fool.com