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Wednesday, June 16, 2010

Freeport-McMoRan (NYSE:FCX) Ready to Break Out?

Several factors are moving in the right direction for Freeport-McMoRan (NYSE:FCX), and if they line up like they in the way that it looks like they will, Freeport could break out nicely for some time into the future.

While the movement of copper prices is the obvious chief indicator for Freeport, being the largest public copper producer in the world, other factors could also enter the picture, which when added together form a potentially lucrative investment.

Over the last 60 days or so, shares of Freeport have plunged almost 24 percent in value, as China and European demand are under question, especially China, which accounts for the largest copper demand of any single country.

One question is how far the price of copper can go down, as it closed on Tuesday at $3.

With the price of gold assured to continue climbing, and the potential for the price of molybdenum to increase as well, Freeport could be poised for a rebound sometime soon, and over the long term will be a winner for those wanting to invest in companies providing raw materials to the market.

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