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Freeport-McMoRan Inc. (FCX)

NYSE - Nasdaq Real-time price. Currency in USD
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36.31-0.41 (-1.12%)
At close: 04:03PM EDT
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  • G
    Greg
    Up, down, up, down. Hoping at least FCX continues to make higher lows and higher highs in the process.
  • M
    MS
    Tidbits from mining leadership

    This weekend, I rewatched a video on the BHP website. It featured Their CEO and CFO in a fireside discussion addressing questions from retail shareholders. It is a refreshing view as both clearly articulated what BHP is doing and responded to questions as directly as one can expect. They just completed a merger of their OnG business with Woodside this week! They talked about their focus on the Green Transition in earnest with Copper, Nickel and Potash in the future while raking in cash from iron ore and coking coal! They have shunned lithium as they feel this will have a supply glut soon!

    Glencore’s CEO has recently been talking up their focus on the metals for true green transition - Copper, Cobalt, Nickel and Zinc while this year getting close to 15+B in EBITDA from their coal business alone!

    RIO’s CEO appeared on the BoA conference and talked up their intand talked up their interest in copper having solved their TRQ and Mongolia issue. Interesting tidbit about their Aluminum business - commented that Apple is touting their next iPhones will be made with CO2 free aluminum - and RIO is testing a new technology to provide just that!

    Common theme - they all believe the green transition is real. Copper is a common metal they are all focused on and see the lack of past investment, lower grades, and current challenges in getting new projects very tough will make this element the future.

    BHP has ramped up its M&A to look at opportunities including GLEN and FcX as potential - not from their management team but from Reuters! Who knows what happens in this space - but given BHP completed its dual listing transition and merger with Woodside, they will likely make a play. GLEN just settled its corruption charges with the UK, US and Brazil authorities and may have cleaned up their liabilities. Of course FcX has positioned itself well with a great balance sheet.

    This is just my speculation - but if BHP makes a move, RIO will too! Too soon to tell, but one can speculate.

    Finally, with all the jargon that the US billionaire guys and media use to befuddle the retail investors- a couple of points I picked up from Dalio and Rosenberg (Carlyle). Dalio confirmed my thesis that the market rout is being driven by a clean up of tech with ridiculous valuations and taking out all the leveraged and margin investing that has been going on for a while. It may take a few more weeks and then the real investing in value will ramp up! The people who are forced to sell when the market turns are those that place the stupid stop loss orders, have bought on margin, and place their bets on options (long outs and short calls).

    On FcX - one last tidbit. As of 3/32/2022, the institutional investors increased their share to 78.3% with Fidelity and Capital Research picking up a boat load of shares! The hedge fund short positions of copper lasted very little time and hence copper has jumped back to 4.30 - the positioning by the so called smart money is more often a losing proposition in these complicated times!
  • Z
    Zebley
    Just saw FCX published on the daily alert watchlist at (http://market-engross.club)
  • R
    Randall
    The Whitehouse and talking heads are trying to bring the US to its knees. You say what ? Look at what's going on shut mining down, shut oil wells and drilling down, shut natural gas and fracking down. The ones that make nothing are the ones that are put on a pestal as green, clean and green companys are good for the earth, I agree with clean and green but there's got to be a middle ground not just shut off the value of life. If you don't grow it, mine it or make it, or you have little value at this time. That said hope you are long in mining and FCX.
  • R
    Reg
    OT - ok, just for discussion purposes. With numbers rounded, the DOW has gone from 38k to 31k or down 14% and I don’t think anyone would argue we have hit bottom though I sense a few bottom fishers out there. In the same period FCX has gone from 38 to 36 (yeah, there was a head fake to 50 in the interim) or down 5%. It is likely that Cu hasn’t yet fully reported out on a likely recession but one could argue that other than whiplash from the head fake, investors may discover FCX may help counter inflation that effects other investments .
  • D
    Dennis
    Oh, Snap
    Market was much lower when I woke up in the middle of the night. Maybe that's good.
    Lullibied back to sleep bt a Grateful Dead song titled "Ripple".
    Nice song -- https://www.youtube.com/watch?v=QmMjY6tXaEo
  • J
    Jetty lee
    I have a feeling FCX is going to pop soon, don't own any shares but I'm watching very closely and going to set a limit order, this is going to be a big winner as a hedge in the current market conditions
  • D
    Dennis
    OT -- The surrender of Ukranian troops at Mariupol was disheartening.
    I don't know if the US is doing enough but taking too long, doing not enough, or doing too much.
    Announcing in advance that the US would have no military involvement was – I think -- a mistake. There is an argument to be made that our $54 billion is just postponing the inevitable and getting a lot of Ukranian's killed. I don’t know. The answers will be apparent when the fighting stops.

    I don’t think Russian energy revenue has taken much of a hit. Asia is buying Russian oil at discounted prices but that’s after the oil price has doubled. The smaller EU countries appear to have no intention of cutting imports. Russia seems happy to "turn off" EU gas deliveries if their terms are not met.

    “Last week, the International Energy Agency said Russian oil export revenue is up 50 per cent since the start of 2022 with the Kremlin generating close to US$20 billion per month in sales.
    Export volume has rebounded to levels seen before Russia invaded Ukraine. In April, Russian oil exports climbed by 620,000 barrels per day from the prior month to 8.1 million, back to their January and February average, the IEA said.”

    So, this all begs the question: "What the heck are we doing?"
    There is probably a silver lining here – there always is – but, other than investors in energy stocks having done well, I don't see it.
  • C
    Celty
    back to 50.
  • D
    Dennis
    OT -- Lesson Learned? Predictions of catastrophic climate change caused solely by man’s use of fossil fuel is similar to speculation on Covid vaccines. One group thinks their "science" is impeccable and the other group thinks it’s all BS. Personally, I admit that I don’t know but, in the case of vaccines -- and unlike climate change -- it costs nothing to be cautious.
    The current administration's desire to please the progressive left in regard to climate change follows similar circumstances in Europe. A premature rush to go “green" created vulnerabilities that were unseen or ignored by ambitious advocates. The attached article, 15 months old, best illustrates the thinking that caused today’s energy crisis in a nation that should be self-sufficient. https://www.dlapiper.com/en/us/insights/publications/2021/02/the-biden-administrations-impact-on-oil-and-gas/
  • R
    Randall
    Machines are set at this point to keep FCX below 38 will see what happens. Copper 4.33 Dow up 450 FCX 37.67
  • R
    Randall
    Copper has moved back north of 4.30 Gold north of 1,850 I stand by my post last week FCX 40.00 this week. Copper in short supp;y China coming out of lockdown will push Copper and FCX higher. Hope you are long Miners are going to get respect for a change.
  • m
    michael
    What is it with climate change denial? It's like a religion,a way to be independent and fight the government! Just wait a couple of months when you have severe water and electricity rationing.Will you believe Then? Nope...just get into your 5 mpg truck and everything will be ok...right?
  • R
    Randall
    Gold 1,840 starting to get traction. Copper 4.29 going up next week 4.40 will be here soon. 40.00 next week slow grind. As China moves out of lockdown so will Copper and FCX. Stay long there is a shortage on Copper. Who really knows what the market will do but I think the bottom has been hit That said I went all in yesterday Honeywell, Ford, GM, Apple, all ready heavy FCX good luck.
  • J
    Jetty lee
    FCX looks like an excellent buy at the current price
  • T
    Tim
    Is copper at $3.5 yet? Feds hiking aggressively to cause a recession, China real estate is a disaster, their stock market has collapsed over the last year, the US markets down 7 weeks in a row and performing as bad in 20 years and copper is nowhere near Mr. Putz target range. It's not even close. The problem with Cathy Woods wannabees like Putz is they keep yapping daily but don't acknowledge all their miss calls and just kick the can and their predictions down the road. Short Trq at $11? Lol. Imagine shorting and posting all year on Trq board only to get ripped as it went to $30+ and he's still posting $&++*'' about it when longs have long celebrated. I guess there is still a chance copper will get to $3.5 but let's give it another 6 months and then another and another he he.
  • D
    Dennis
    OT -- New Jersey’s tax revenues are about $7 billion over what had been projected just two months ago (Bergen Record), State officials attributed growth to “retail gains, a boom in financial markets and an “overheated" economy" Similar revenue growth is expected in neighboring states of New York and Pennsylvania.... appearing to be part of a national trend.
    State officials said that this "unprecedented" surplus "should help soften the blow of a predicted recession". There is already some debate on how to spend it.
  • D
    Dennis
    Despite all the media coverage on retail gasoline prices, wholesale prices have declined since 5/16.
    I'm not sure how this will impact the May inflation number,

    Yahoo deleted my post of todays NY Post article -- there are many-- that opened with, "Out of touch as ever, (the President) celebrated record-high gas prices Monday, gushing that the pump pain was part of “an incredible transition” of the US economy away from fossil fuels.

    Although obviously back to playing to his liberal base, I believe this is the equivalent of "putting lipstick on a pig"
  • H
    Highlowsel
    OT but: A great quote just now over on Bloomberg while talking to Rep Nicole Malliotakis (R) NY State. "A politician should not be choosing their constituencies. The constituencies should be choosing their politician. "
  • L
    Leonard
    FCX looks like it is about to drop. Be careful guys. I have been reading (http://Achieverspot.tech) and their stocks have been doing way better.