Freeport-McMoRan (FCX) 'Single Best Way to Play Copper' -Cramer

Cramer took a look at shares of mining-giant Freeport McMoRan (NYSE: FCX) on last night's Mad Money. The pundit currently owns the stock for his charitable trust, Action Alerts PLUS.

From a technical viewpoint, Cramer believes Freeport looks oversold and seems "due for a rally". Cramer cited a "series of higher highs and higher lows" as evidence of strength in Freeport's chart.

On a fundamental basis, Cramer said Freeport also looks attractive given aggressive actions by its management to strengthen the company's cash position. Jim noted that Freeport has already began cutting costs.

With both a solid fundamental and technical picture, and exposure to China, Cramer believes Freeport-McMoRan is the single best play on copper and commodity prices which are now beginning to stabilize.

Shares of Freeport are seeing a nice pop this morning: the stock most recently traded at $27.16, up 7.9% from yesterday's closing price.

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