FCX - climbing with copper

Whilst the main equity market settled on the weaker side, there was continued strength within the copper miners. Freeport McMoRan (FCX) settled higher for a fourth consecutive day, +1.3% at $15.49. With copper achieving the first daily close >$3.00 since late 2014, the near term outlook is especially bullish.


FCX, daily

FCX, monthly

Summary

*special update on copper, weekly

If copper can manage another net weekly gain, it'll be the best run since Aug'2009. Cyclically, copper is on the high side, but any weekly/monthly close >$3.00 would lean for continued upside. Technically, its arguably 'empty air' to the next psy' level of $4.00.

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Naturally, the related miners, such as FCX, SCCO, and TECK are all powering upward, as copper is set for a SEVENTH consecutive net weekly gain. The only issue now is whether copper can hold above the $3.00 threshold into end month.

There are huge implications for Gold/Silver - and the related miners, if copper can attain a monthly close (whether August, Sept', or beyond).