Freeport McMoRan (FCX)

Jul 2, 2021Trade Ideas

Investors may want to use weakness in Freeport McMoRan (FCX) as opportunity.

After pulling back from $45, the stock is sitting at strong support, with oversold over-extensions on relative strength (RSI), MACD, and Williams’ %R. In addition, the House just passed the $715 billion transportation and infrastructure bill. It’ll now go to the U.S. Senate. Should it pass, “It would devote $343 billion to roads, bridges and safety. Its $109 billion for transit would increase federal spending by 140 percent,” reports The Wall Street Journal.

In addition, according to Glencore Chief Executive Ivan Glasenberg, as quoted by Reuters, “Today, the world consumes 30 million tonnes of copper per year and by the year 2050, following this trajectory, we’ve got to produce 60 million tonnes of copper per year. If you look at the historical past 10 years, we’ve only added 500,000 tonnes per year … Do we have the projects? I don’t think so. I think it will be extremely difficult.”


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