Freeport McMoRan (FCX)

Mar 8, 2021Trade Ideas

With copper demand outpacing supply, Goldman Sachs has a $10,500/t target.

For one, an economic recovery may continue to fuel more demand.

Two, Joe Biden’s electric vehicle plan is also boosting copper. “President Biden clearly has a commitment to addressing climate change, and any climate change initiative creates demand for copper,” said FCX Chief Executive Richard Adkerson.

Three, should the U.S. see an infrastructure spending plan, we could see even bigger demand.

All could fuel upside in stocks, like Freeport McMoRan (FCX).

After running from a low of $14.67 to a recent high of $37.31, FCX pulled back to support around $32 and is just beginning to pivot higher. Coupled with the supply-demand story, a copper stock like FCX could see $45 a share, near-term.

To potentially profit, investors can buy the FCX stock at market. And, or buy to open the FCX May 21, 2021 35 calls at market prices.

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