Renowned expert Michael Ballanger recently dissected the thriving copper market and offered invaluable insights into potential stock plays.
A seismic jolt in copper prices catapulted Freeport-McMoRan Inc. (FCX) to new heights, breaching the $4.00/lb. threshold. The market behemoth hit a record high at $42.50, bolstered by substantial stakes in copper and gold reserves at the colossal Grasberg mine in Indonesia.
With both copper and gold in vigorous breakout mode, FCX emerges as a prime candidate to ride the coattails of the anticipated 2024 metals upsurge.
- Minor resistance faced at $42
- Next target set at $44.70
- All-time high aspirations gesturing at $50
Ballanger prophesies a possible escalade to $6-8/lb. for copper by year-end, signaling favorable prospects for FCX.
His shortlist of junior copper contenders spotlights:
- Fitzroy Minerals Inc. (FTZFF) – CA$0.19 / US$0.14
- American Eagle Gold Corp. (AMEGF) – CA$0.62 / US$0.46
- Sprott Junior Copper Miners ETF (COPJ) – US$19.76
At the latest exchange, copper surged to $4.0393/lb., breaching the elusive escape velocity.
- Signed disclosures reveal personal stakes held by officers at Streetwise Reports LLC in Fitzroy Minerals Inc. and American Eagle Gold Corp.
- Ballanger acknowledges ownership of securities in all highlighted companies and a financial rapport with Fitzroy Minerals Inc., emphasizing his independent research-driven selection criteria.
- Disclaimer: The author’s views are personal and do not echo those of Streetwise Reports. The article is not intended as investment advice, urging readers to consult financial advisors for individualized guidance.
- Investment advisories are not within Streetwise Reports’ purview, and readers are encouraged to evaluate investment decisions autonomously. Sight Streetwise Reports for the full legal disclosure.
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Michael Ballanger’s Expertise:
Ballanger’s market narratives carry no warranty and serve as personal perspectives rather than investment advice. He advises consulting registered advisors for investment strategies, stressing the speculative nature of options and junior mining equities.