Freeport-McMoRan (FCX) Climbs 8% on Copper Jump to Fresh High

We precocious published Big Winners: 10 Stocks Refusing to instrumentality a Holiday. Freeport-McMoRan Inc. (NYSE:FCX) is 1 of the past week's champion performers.

Freeport-McMoran jumped by 7.9 percent week-on-week, arsenic investors gobbled up shares successful copper producers aft the metallic cracked past a caller grounds precocious of $12,000 during the week.

On Friday alone, Freeport-McMoRan Inc. (NYSE:FCX) registered a nine-day winning streak, mirroring the benchmark three-month copper prices connected the London Metal Exchange aft surging to $12,282 per ton.

The rally was chiefly triggered by choky planetary supply, coupled with beardown request from assorted industries, arsenic good arsenic the ongoing tariff uncertainties successful the US.

Further buoying sentiment was Wells Fargo’s crystal people upgrade for Freeport-McMoRan Inc. (NYSE:FCX) to $55 from $47 previously, portion maintaining its “overweight” standing for its stock.

Wells Fargo said that the sum was based connected expectations that copper inventories would stay choky amid lingering concerns that the US would slap different circular of tariffs connected refined copper products, further pushing industries to banal up connected supply.

Freeport-McMoRan Inc. (NYSE:FCX) is 1 of the starring copper producers globally. It operates assorted mines successful North and South America, arsenic good arsenic the Grasberg tract successful Indonesia—one of the largest copper mines successful the world.

In the 3rd 4th of the year, the institution grew its nett income attributable to shareholders by 28 percent to $674 cardinal from $526 cardinal successful the aforesaid play past year. Revenues inched up by 2.68 percent to $6.97 cardinal from $6.79 cardinal year-on-year.

While we admit the imaginable of FCX arsenic an investment, our condemnation lies successful the content that immoderate AI stocks clasp greater committedness for delivering higher returns and person constricted downside risk. If you are looking for an highly inexpensive AI banal that is besides a large beneficiary of Trump tariffs and onshoring, spot our escaped study connected the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double successful 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This nonfiction is primitively published at Insider Monkey.