Why Shares in Freeport-McMoRan Soared More Than 25% in November
Shares in copper miner Freeport-McMoRan (NYSE: FCX) rose by a whopping 25.6% in November, according to data provided by S&P Global Market Intelligence. A look across the sector shows it was a move in concert with its peers.
And that move was driven by an appreciation in the price of copper over the month of November from around $3.39 per pound to about $3.78 per pound at the end of the month. Copper's strength in November relates to investors taking a brighter view of global growth prospects -- this industrial metal's prospects align with the economy at large.
The move sent all the sector higher, and in particular, a stock like Hudbay Minerals did well, as it's often seen as a potential takeover target.
Source Fool.com
