Freeport-McMoRan (FCX) Stock Is Acting Volatile Today: When Will It Hit $40?

Today, Freeport-McMoRan experiences not the best dynamics. Prices are dropping from $37.95 to $37.23, accounting 3.22% decline compared to yesterday’s chart. Recently, experts predict that the company will face a sharp breakout in the future.  Also, it announced high prices for copper and an increase in the demand for the metal. It is expected that it will bring new benefits for mining firms. During the trading sessions in the third quarter ended September 30, Freeport’s adjusted net profit, expressed in common stock, was $1.3 billion, or 89 cents per share, compared to $430 million, or 29 cents per share, the year before. The company’s average selling price for a pound of copper grew by nearly 40%, while metal output increased by roughly 17%, accounting for 987 million pounds recovered.

Miriam Bozini

Finance and Business Reporter