bintan's blog

FREEPORT STOCK SURGES ON HIGHER COPPER PRICES (FCX) Shares of Freeport-McMoRan Inc. (FCX) rose as much as 7% Tuesday, reaching a session high of $12.16, driven by higher copper prices. On Tuesday, the price of copper rose to a 52-week high, gaining 3.1% to $2.3790 per pound. Higher copper prices mean potentially higher profits for Freeport. The Arizona-based natural resources company has seen its shares rise 10% in the past five trading days, while climbing almost 20% in the past month. Investors continue to applaud the manner in which Freeport is working to cut costs to meet its targets for both debt reduction and earnings growth. The fact that copper prices continue to rise now adds to the appeal in Freeport. Copper prices have rallied some 13% between Oct. 24 and Nov. 8. And that's even with data showing a 15% decline in copper imports in China. In a research note Tuesday, Citigroup analysts explained that, "Better than expected demand, driven by Chinese ...