FCX Reverses Sharply to the Upside After Oil, Gold, and Perhaps Now Copper Prices Turn Up During 2016

If Freeport-McMoRan Inc. (FCX) is a conglomeration of business operations that derive revenue from Gold, Oil, and Copper, then 2016 so far has been fairly positive for the first two.

What about Copper?

Since last Thursday’s (June 9) low at 2.01, Copper has climbed 4.5% in what could be a secondary, or retest 2016 low (1.935 and 2.013) that is forming a significant near- and possibly intermediate-term bottom in the Copper market.

That said, nearby Copper still has plenty of work to do on the upside BEFORE it confirms the establishment of a major bottom-- i.e., climb above key resistance between 2.25 and 2.32).

For now, however, let's just say that downside pressure in Copper appears to be abating, which represents a reduction of headwinds for FCX.