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Freeport McMoRan tops S&P gainers again as copper continues to rise

Published 08/22/2017, 10:59 AM
© Reuters.  Freeport McMoRan tops S&P gainers again as copper continues to rise
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HG
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VALE
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  • A day after surging to the top of the S&P 500 leaderboard, Freeport McMoRan (FCX +3.7%) could be on course for a back-to-back first place finish as copper prices continue to set three-year highs.
  • LME copper hit $6,642.50/metric ton, the highest since November 2014, supported by robust gains in steel material prices in China as well as positive sentiment in the sector due to results from mining companies including BHP Billiton (LON:BLT) (BHP +1.8%) and Antofagasta (LON:ANTO) (OTC:ANFGF +2.3%).
  • FCX shares have now jumped 8% in two days and 18% in the past month; Alcoa (AA +3%), Century Aluminum (CENX +3.7%), Arconic (ARNC +3.5%), Vale (VALE +1.8%), Rio Tinto (LON:RIO) (RIO +2.2%), Southern Copper (SCCO +2.6%) and Teck Resources (TECK +1%) also enjoy strong gains.
  • ETFs: JJC, CPER, CUPM
  • Now read: Recent Reductions In Icahn's Freeport-McMoRan Stake Have Gone Unnoticed


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