Oct. 23 at 5:30 PM
$FCX $AA (NYSE:AA) +15.1% and Freeport-McMoRan (NYSE:FCX) +2.3% in Thursday's trading following better than expected earnings results (I, II) and as prices surge for copper and aluminum futures.
The near-term Comex copper futures contract (HG1:COM) traded +2.1% at
$5.10/lb, near the top of the range since President Trump surprised markets in July with his decision not to apply a 50% tariff to imports of raw copper, and the near-term aluminum contract price (LMAHDS03:COM) was +1.8% at
$2.X,860/ton.
Also: Kaiser Aluminum (KALU) +20.9%, Century Aluminum (CENX) +3.8%, Hudbay Minerals (HBM) +2.5%, Teck Resources (TECK) +1.2%.
Goldman Sachs pointed to a near-term bullish view among traders, saying most industry players they spoke with during the recent annual London Metal Exchange conference in London expect prices to continue to test its all-time high in the coming months, with some investors planning to add to their positions if prices breach
$10,900/ton.
