COM - Freeport McMoRan's Grasberg mine returns to normal operations after floods

Freeport McMoRan ( NYSE: FCX ) is one of Wednesday's largest gainers on the S&P 500, +5.6% , after saying it restored operations at its huge Grasberg mine in Indonesia that had been damaged and shut down by heavy rain and flooding.

Freeport ( FCX ) said two weeks ago that a conveyor belt at the underground mine had been washed away in the floods, disrupting ore transportation, causing it to cut its Q1 copper sales forecast .

Separately, copper prices rose after better than expected manufacturing activity data from China raised hopes for higher demand for industrial metals .

China’s manufacturing purchasing managers index jumped to 52.6 in February, the highest reading since April 2012, up from 50.1 in January.

Comex copper for May delivery ( HG1:COM ) +1.8% to $4.1625/lb; iron ore futures also posted solid gains, with the Dalian Commodity Exchange ( SCO:COM ) ending daytime trading +2.4% to 908.5 yuan/metric ton ($131.64).

The big three global miners all show strong gains, with BHP ( BHP ) +3.8% , Rio Tinto ( RIO ) +4.5% and Vale ( VALE ) +5.1% .

ETFs: ( COPX ), ( CPER ), ( JJC ), ( JJCTF )

Freeport McMoRan ( FCX ) makes sense as a long-term investment if you believe copper has a future, but "it is a tough call at the moment and totally subject to China re-opening for business," Fun Trading writes in an analysis newly published on Seeking Alpha .

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