Freeport-McMoRan's relatively strong position
significant producing assets in the U.S.
and Indonesia and expansion opportunities
puts it in a somewhat stronger position. In short,
the outlook for copper prices is good
They are forecasting steady annual sales growth.
2023 is expected to be an even stronger year than 2022, and
2024 is expected to be weaker...
FCX, Freeport McMoran is testing a long term resistance trend-line. Copper has been unfavorable as of late due to the slowdown in Chinese growth. China is the largest buyer of Copper in the global market. However, recently, the dollar down move has been reflationary for commodities in general, with the CRB commodities index rallying. Moreover, Chinese PMI's have...
Waiting to see what FCX does here. If it breaks the 13.14 support I'll be looking for it to retest and break higher. If it breaks the trend and goes bearish I'll be looking for a bearish setup. I'm not in any trades on FCX just yet.
FCX is on the verge of dropping 21%. Investors need to take note of these this major factor that dictates price action. Notice on the stock chart below, how over the last two weeks Freeport-McMoRan has been unable to make new highs while the stock market has made multiple new all-time highs. In addition, the stock chart over those same two weeks has a clear bear...
