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Freeport McMoRan +7% on second big upgrade in a week

  • Freeport McMoRan (FCX +7.6%) extends last week's strong gains after Citigroup upgrades shares to Buy from Neutral with a $16 price target and double upgrades Southern Copper (SCCO +6.5%) to Buy from Sell, citing a more constructive cooper market backdrop.
  • Citi's global commodity team is bullish on copper, noting that exchange inventory is at 10-year lows and Chinese weakness appears to be turning, and believes copper equities have "significant rebound potential" with the stocks down 30%-40% YTD
  • FCX has surged 15% since Morgan Stanley upgraded the stock last Wednesday, also citing a bullish outlook for copper.
  • ETFs: OTCPK:JJCTF, CPER

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SymbolLast Price% Chg
FCX--
Freeport-McMoRan Inc.
SCCO--
Southern Copper Corporation
JJCTF--
iPath® Bloomberg Copper Subindex Total Return(SM) ETN
CPER--
United States Copper Index Fund, LP ETF