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Freeport McMoRan today's top gainer amid surging industrial metals prices

Aug. 16, 2017 5:31 PM ETFreeport-McMoRan Inc. (FCX) StockFCXBy: Carl Surran, SA News Editor29 Comments
  • Freeport McMoRan (NYSE:FCX) finished as today's top gainer on the S&P 500, rising 5.7% amid surging prices of industrial metals; zinc prices jumped to their highest in a decade while aluminum and copper rose to their highest level since 2014.
  • Benchmark copper finished 2.4% higher at $6,532 having touched $6,576.50, the highest since November 2014, supported by strong global demand and tight supplies.
  • In other news, local residents in a remote Andean region in Peru reportedly have blocked trucks transporting copper concentrates from the Las Bambas mine.
  • Raymond James analysts initiate FCX shares at Market Perform, given uncertainty around the timing of permits needed to ship concentrates from the Grasberg mine.

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