Freeport-McMoRan Inc. (NYSE:FCX) shares are trading higher and touching a new all-time high Friday, extending a strong run as copper-related stocks broadly rally. Here’s what you should know.
Freeport-McMoRan stock is approaching key resistance levels. What’s behind FCX new highs?
Copper Strength and Broad Market Participation Lift FCX
Freeport-McMoRan is benefiting from renewed attention on copper-linked stocks, with the broader market showing wide participation on Friday, eight of 11 sectors advancing and an advance/decline ratio of 2.7. The move also reads as a continuation of the stock’s strong 12-month run, with buyers pushing shares further above their key moving averages rather than the stock stalling out at prior resistance.
The broader tape is supportive too, with the Dow up 0.53% and the Russell 2000 up 0.27%, even as the Nasdaq slips slightly. FCX is outperforming both the Materials sector and the wider market in that environment, which points to targeted demand for cyclical and materials exposure rather than the stock simply riding a broad index move.
