Why Freeport-McMoRan Inc (FCX) stock price is up nearly 6% today
Freeport-McMoRan shares rose 5.8% to $64.28 Tuesday as copper prices climbed 4.1% after China announced plans to expand state copper reserves. Southern Copper gained 11.1%, Teck Resources 7.4%. Gold and silver rebounded sharply after recent selloffs. Analysts warned copper’s recent surge may not last, citing high inventories and weak demand ahead of China’s holiday.