Why Shares in Freeport-McMoRan Bounced Back Today
Shares of copper miner Freeport-McMoRan (NYSE: FCX) rose by more than 6.5% in late afternoon trading today. The move comes on a relatively strong day for cyclically aligned commodities stocks. By that, I mean stocks exposed to commodities that do well when the economy does well, and copper is traditionally seen as one of those.
It's not that there was any fundamental news driving stocks like Freeport higher. Instead, it's most likely the usual volatility surrounding commodity stocks when the bull and bear debate is in full flow.
The bears' prime worry is the property slump in China and signs of weakness in industrial production in the country, alongside evidence of weakening spending in the U.S.
Source Fool.com
