Wednesday, 12 July 2017

FCX - broadly stuck with copper

Whilst the main market settled broadly higher, there was notable weakness in Freeport McMoRan (FCX) which settled -2.5% at $12.27. With Copper stuck within the tight range of $2.70/45, FCX remains stuck under sig' resistance of the low $13s.

FCX, daily

FCX, monthly


January saw a multi-year high of $17.06, but since then, its been a tough time for FCX, and to varying extents, other copper miners. June saw a low of $11.05 - back when copper traded to $2.52.

Near term best guess?  Leaning weak, not least as copper is struggling to break and hold >$2.70.

The cautious will leave FCX alone until a clear breakout >$13.25, and/or with Copper seeing a weekly/monthly close >$2.70.

Bonus chart: copper, weekly

We have a series of marginaly higher lows from mid May. Underlying MACD (blue bar histogram) is holding exactly at the key zero threshold. Trend is clearly leaning upward.