Benzinga - by The Gold Report, Benzinga Contributor.
Source: Michael Ballanger 03/14/2024
Michael Ballanger of GGM Advisory Inc. shares his take on the current copper market, as well as a few copper stock recommendations.
Copper prices rocketed up and through the $4.00/lb. level yesterday morning, sending Freeport-McMoRan Inc. (NYSE: FCX) to a new reaction high at $42.50 and the June $40 calls to $4.74.
The 52-week high at $44.70 gives way to the all-time high just above $50. Freeport-McMoRan has huge copper operations, plus the mighty Grasberg mine in Indonesia, which has the world's largest copper and gold reserves.
With copper and gold both breaking out in recent days, FCX is a perfect proxy for 2024 metals advances.
- Minor resistance was at $42
- Next stop $44.70
- Then $50
My junior copper list focuses on:
- Fitzroy Minerals Inc. (OTC: FTZFF) (CA$0.19 / US$0.14)
- American Eagle Gold Corp. (OTC: AMEGF) (CA$0.62 / US$0.46)
- Sprott Junior Copper Miners ETF (NASDAQ: COPJ) (US$19.76)
Important Disclosures:
Michael Ballanger Disclosures
This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.
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