Why Freeport-McMoRan Stock Rallied 31% in April
Shares of copper miner Freeport-McMoRan (NYSE: FCX) rose an impressive 31% in April according to data from S&P Global Market Intelligence. That was a welcome relief, but not nearly enough to offset the declines seen so far in 2020. At the end of April the stock was still down by a third from the start of the year. And it doesn't look as if things are going to get better for the company's business anytime soon.
Freeport-McMoRan is one of the world's largest copper miners. This is an industrial metal that gets used in everything from electrical wires to technology gadgets. However, the price of the metal is highly sensitive to economic activity. So when the efforts to contain COVID-19 had the world frightened that economies around the globe would be pushed into recession, the stock plummeted.
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Source Fool.com
