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With copper prices still running hot on supply-demand issues, FCX could push even higher.  So, we’re reiterating a buy.

“The copper market is tight, inventories are trending lower. There is a risk that prices of the red metal spike to $13,000,” said Bank of America analyst Michael Widmer, as quoted by Mining.com.  “Bank of America expects a deficit of 186,000 tonnes this year and a shortfall of 369,000 tonnes in 2022, followed by surpluses in the two years after.”

Without any significant changes to supply, copper is likely to rocket higher, pulling stocks like FCX right along with it.  We have a buy signal of $44.80, with an initial price target of $50.  Set your stop loss at $40.

 

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Oportunidad: Freeport McMoRan (FCX)

Con los precios del cobre aún en alza debido a problemas de oferta y demanda, FCX podría subir aún más. Entonces, estamos reiterando una compra.

“El mercado del cobre está ajustado, los inventarios tienen una tendencia a la baja. Existe el riesgo de que los precios del metal rojo suban a 13.000 dólares”, dijo Michael Widmer, analista de Bank of América, citado por Mining.com. “Bank of América espera un déficit de 186.000 toneladas este año y un déficit de 369.000 toneladas en 2022, seguido de superávits en los dos años siguientes”.

Sin cambios significativos en la oferta, es probable que el cobre se dispare más alto, arrastrando acciones como FCX junto con él. Tenemos una señal de compra de 44,80 dólares, con un precio objetivo inicial de 50 dólares. Establezca su límite de pérdidas en $ 40.

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