Why Freeport-McMoRan Soared Nearly 100% in 2020
Shares of copper and gold miner Freeport-McMoRan (NYSE: FCX) soared 98% in 2020 according to data from S&P Global Market Intelligence. The move is mainly about copper and comes from upgrade expectations to near and long-term growth prospects.
First, a recovery in the global industrial economy, and particularly in Asia, led to a strong recovery in copper prices. Having started the year at around $2.50 per pound, the price of copper fell to $2.10 in March as the pandemic spread from its country of origin, China. However, a strong recovery has taken place since then, and it ended the year at around $3.50 per pound.
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Source Fool.com
