Why Freeport-McMoRan Stock Surged More Than 15% This Week
Shares of Freeport-McMoRan (NYSE: FCX) have rallied more than 15% over the past five trading days, according to data provided by S&P Global Market Intelligence. The primary factor driving the mining company's stock is higher copper prices.
Copper prices have surged over the past week, driven by ultra-low inventory levels. There are only enough copper stockpiles to last about three days, a historically low inventory level for the metal. That has helped push the price of copper up to its highest level since October.
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Source Fool.com
