Source: Michael Ballanger 03/14/2024
Michael Ballanger of GGM Advisory Inc. shares his take on the current copper market, as well as a few copper stock recommendations.
Copper prices rocketed up and through the $4.00/lb. level yesterday morning, sending Freeport-McMoRan Inc. (NYSE: FCX) to a new reaction high at $42.50 and the June $40 calls to $4.74.
The 52-week high at $44.70 gives way to the all-time high just above $50. Freeport-McMoRan has huge copper operations, plus the mighty Grasberg mine in Indonesia, which has the world's largest copper and gold reserves.
With copper and gold both breaking out in recent days, FCX is a perfect proxy for 2024 metals advances.
- Minor resistance was at $42
- Next stop $44.70
- Then $50
I see a $6-8/lb. copper price by year-end, which means prices are much higher for FCX.
My junior copper list focuses on:
- Fitzroy Minerals Inc. (OTC: FTZFF) (CA$0.19 / US$0.14)
- American Eagle Gold Corp. (OTC: AMEGF) (CA$0.62 / US$0.46)
- Sprott Junior Copper Miners ETF (NASDAQ: COPJ) (US$19.76)
Copper just traded at $4.0393/lb. ...