Copper Rally Is Overdone; China and Trump Won't Be Red Metal's Saviors
Following the election of Donald J. Trump as America's next president, copper has continued a furious rally that began near the end of October. Since Oct. 24, copper is up more than 20%, with gains accelerating after the U.S. election--copper is up 7% in the two days since. As would be expected due to financial and operating leverage, copper equities are up even more. "Pure-play" producers Freeport-McMoRan, Southern Copper, First Quantum, and Antofagasta have gained anywhere from 12% to 21% sinc...Freeport-McMoRan is a holding company. Through its subsidiaries, the company is a mining company. The company operates assets with proven and probable reserves of copper, gold and molybdenum, and the company is a publicly traded copper producer. The company's portfolio of assets includes the Grasberg minerals district in Indonesia, copper and gold deposits; and mining operations in North America and South America, including the Morenci minerals district in Arizona and the Cerro Verde operation in Peru. The company has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines.
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