«FCX Coming Along for the Ride»

Coach Mark here.

Copper does not move three percent in a day very often. While your average semiconductor stock these days have moves like that seemingly daily, copper on most days is boring. Today is the exception to that boring rule.

There is a strong case for upward movement in copper. In the Trading Justice prediction podcast I had copper as my “biggest mover” for commodities in 2024. Chinese relentless support, an economy that has a lot of money flowing through it, a global economy stabilizing. I had a lot of reasons I thought copper might have a good year. All these reasons are still present and while copper has done little so far this year, today’s candle is one that might start a little momentum in the space.

FCX is the preferred copper play we have had at Tackle Trading for years. It is going to be interesting to watch pattern development here as FCX is a primary copper play but also has gold production as well. A wild six percent move in FCX today so hard to chase but if we get technical development in the coming weeks, I am sure it will make a scouting report.

Copper and other commodities taking off also has ramifications for inflation but we will leave that conversation for the Trading Justice podcast on Sunday.

Have a fantastic Wednesday!

 



Freeport McMoran (FCX)

Good look for FCX but hard to do much with the wildness today. Let’s hope it settles in and gives us a few tradeable patterns in the coming months.

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