Source: Michael Ballanger 03/14/2024
Exploring the current dynamic of the copper market, one can’t help but notice the fervent rise in copper prices, breaching $4.00/lb. The upward trajectory catapulted Freeport-McMoRan Inc. FCX to a resonant new peak at $42.50, with the June $40 calls fetching $4.74.
The $44.70 pinnacle gladly yields to the historic high just above $50, as Freeport-McMoRan’s extensive copper operations, coupled with its colossal Grasberg mine in Indonesia boasting the globe’s largest copper and gold reserves,
fortify its position.
With both copper and gold showcasing momentous breakthroughs in recent days, FCX emerges as the quintessential barometer for metals progress in 2024.
- Encountering minor resistance at $42
- The subsequent checkpoint at $44.70
Anticipating a copper price surge to $6-8/lb. by year-end forecasts even higher prices for FCX.
The junior copper roster spotlights:
- Fitzroy Minerals Inc. FTZFF (CA$0.19 / US$0.14)
- American Eagle Gold Corp. AMEGF (CA$0.62 / US$0.46)
- Sprott Junior Copper Miners ETF COPJ (US$19.76)
Copper just traded at $4.0393/lb. Exhilarating escape velocity attained!
Owning up to the financial landscape:
- Officers and/or employees of Streetwise Reports LLC (including household members) currently hold securities of Fitzroy Minerals Inc. and American Eagle Gold Corp.
- Michael Ballanger: I, or members of my immediate household or family, hold securities of all entities. My company maintains a financial association with Fitzroy Minerals Inc. The selection of companies featured in this article stemmed from diligent research and sector comprehension.
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Michael Ballanger Disclosures
This communication doesn’t assure or vouch for the accuracy or completeness of the rendered data. The contents herein do not insinuate or bear the mantle of investment advice. This text represents my perspectives and mirrors trades that I undertake solely. For investment queries, it’s always prudent to consult your registered advisor. I disclaim any liability arising from leveraging data in this communication leading to losses. Options and junior mining stocks harbor substantial risk levels that might culminate in partial or complete capital loss, hence meriting the acknowledgment of seasoned and professional investors and traders solely. A nuanced comprehension of the perils in junior mining and options trading is essential, thus seeking financial counsel if you find the hazards nebulous stands as a prudent course.
