Whilst the main market settled fractionally mixed, there was further significant strength in Freeport McMoRan, which settled higher for a third consecutive day, +2.5% to $14.48. Near term outlook offers threat of the $13.30/20s into early October. More broadly, first soft target are the $17s, and then the $24s.
Suffice to add, FCX is near term choppy, leaning on the weaker side, as copper has cooled from a recent high of $3.18. Considering the August copper settlement above the very important $3.00 threshold, I have to be mid term bullish the copper miners of FCX, TECK, and SCCO.
Pete Najarian of https://investitute.com highlighting FCX.
I should add, from a pure 'technical perspective', Southern Copper (SCCO) is the strongest, Teck Resources (TECK) is second, with FCX the third strongest.
The bullish view for the miners is only dropped if copper breaks under mid term rising trend, currently at $2.70, and which will be around $2.90 by year end.