© Reuters. Down 5% in the Past Month, is Freeport-McMoRan a Good Buy the Dip Candidate?
Shares of mining giant Freeport-McMoRan (NYSE:) dipped 5.8% over the past month on investors’ concerns about the company’s current plan not to proceed with a new smelter building project. While accelerating demand for copper has boosted FCX’s sales volume, the volatility in copper and gold prices could cause its shares to decline further.
So, read more to find out more.Freeport-McMoRan Inc. (FCX) in Phoenix, Ariz., explores for and mines minerals in North America, South America, and Indonesia. As a leading producer of copper, the company has been capitalizing on the accelerating demand due to its critical role in infrastructure building and clean energy transition. As a result, FCX’s share price has surged 26.6% year-to-date and 145.4% over the past year.
However, FCX’s shares have retreated 5.8% over the past months and 8.2% over the past three months. The recent cancellation of FCX’s plans to build...read more...