The copper group looking constructive now

The Goldman Sachs materials conference is highlighting the supply constraints in the copper market and gives us an opportunity to point out encouraging technical signs here.

Take a look at Freeport McMoRan (FCX, quote), for example, which is looking at very constructive price action in the last few weeks:

Especially in light of FCX’s recent plunge of roughly 15% from around $56 to well below its mid-March low of $47, this is a bullish sign.

And we are seeing this kind of action in other copper giants as well.

Take a look at Peru’s Antofogasta, which thinly trades in New York as ANFGF (quote)

Or Southern Copper (SCCO, quote), for that matter:

Leave a Reply