Freeport-McMoRan (FCX)

Apr 14, 2021Trade Ideas

Copper supply has become a national security issue, according to billionaire Robert Friedland.

In fact, the supply-demand picture has gotten so dire, Goldman Sachs says it could rally to $10,500 over the next 12 months.

According to Goldman Sachs, “Copper is a key part of sustainable technologies, including electric vehicle batteries and deriving clean energy. Just two weeks ago, US President Biden announced an infrastructure package worth $2 trillion, which specifically encourages new sustainable technologies and infrastructure projects. In its current state however, the copper market is not prepared for the increased demand,” as noted by Business Insider.

On that news, copper stocks are just beginning to push higher, including Freeport-McMoRan (FCX), which is now challenging triple top resistance. If FCX can break above $38, it could potentially test $45 shortly after.

To potentially profit from a higher move, investors can buy the FCX tock up to $38. We have an initial target of $40, and a longer-term target of $45. Set a stop on the stock at $32. And, or consider buying to open the FCX June 18, 2021 36 calls at market.

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