Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Why Traders Are Piling Into Freeport-McMoRan Inc (FCX) Today

Freeport-McMoRan Inc (NYSE:FCXshares have jumped 5% after Reuters reported that Freeport’s Indonesian segment ‘is close to reaching a deal’ to temporarily resume exports of copper concentrate for the next six months from the giant Grasberg mine. Indonesia had previously halted Freeport’s exports of copper concentrate in January due to the nation wanting to renegotiate contracts to benefit the country. Some bulls think the event signals that Freeport-McMoRan could be closer to an agreement with Indonesia in terms of Grasberg. Uncertainty over the Grasberg mine has hurt sentiment around Freeport-McMoRan Inc (NYSE:FCX), whose shares have arguably lagged behind some other potential ‘Trump infrastructure plays’.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

According to our data, 43 top funds (out of the 742 we track) were long Freeport-McMoRan Inc (NYSE:FCX) at the end of December, up 7 funds from the previous quarter. David Halpert‘s Prince Street Capital Management and Robert Bishop‘s Impala Asset Management both initiated new stakes in Q4 of 2.9 and 10.9 million shares, respectively.

The Bottom Line

Freeport-McMoRan Inc (NYSE:FCX) is rallying today due to news reports that the company is closer to potentially resuming exports of copper from the company’s giant Grasberg mine for at least six months. Any exports would presumably add to Freeport-McMoRan Inc (NYSE:FCX)’s cash flow. For those of you interested, check out this interesting article about the countries that produce the most copper.


Wall Street Bull

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.