Freeport-McMoRan met our $23.50 upside target on Friday April 30th by trading as high as $23.95 intraday. This target was first discussed in our April 16th report, entitled Recent Strength In FCX Positive For Copper Prices, to capture a $2.67 per share, 13% advance in just about 2 weeks.
From that report:
“Wednesday’s breakout higher from 10 weeks of sideways investor indecision in Freeport-McMoRan Inc. (FCX) suggests that a near term bottom is in place at the recent lows, and targets at least an additional 13% rise to $23.50 per share.
Moreover, current inter-asset statistical correlations suggest that an upcoming rise in FCX is likely to coincide with a similar rise in both COMEX copper futures and in the iPath Bloomberg Copper Subindex Total Return Sub-Index ETN (JJC).”
Since our April 16th report COMEX copper futures have also risen, as expected, by by 6% to 293.00 ($2.93 per pound) as JJC has coincidentally risen by 6% to $35.29.
The S&P 500 was unchanged during the same period.
Asbury Research subscribers can view our most recent recent research pertaining to copper and related assets by logging into the Research Center and accessing the Intermediate Term Outlook: Global Asset Prices page.