Freeport-McMoRan (FCX) Higher as Copper May Rally Further

November 23, 2012 11:45 AM EST
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Price: $15.49 +1.51%

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Shares of Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) are mildly higher in reaction to the move higher in metals and positive comments from analysts on copper prices.

BNP Paribas metals strategist Stephen Briggs said prices of copper may rally in late 2012 and early 2013 as market remains relatively tight outside China. Specifically, Briggs sees the metal jumping to $8,500 in the coming months.

Shares of FCX last traded at $38.67, up 1.05 percent.

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