Freeport-McMoRan (FCX) Climbs 8% on Copper Jump to Fresh High

We recently published Big Winners: 10 Stocks Refusing to take a Holiday. Freeport-McMoRan Inc. (NYSE:FCX) is one of the last week's best performers.

Freeport-McMoran jumped by 7.9 percent week-on-week, as investors gobbled up shares in copper producers after the metal cracked past a new record high of $12,000 during the week.

On Friday alone, Freeport-McMoRan Inc. (NYSE:FCX) registered a nine-day winning streak, mirroring the benchmark three-month copper prices on the London Metal Exchange after surging to $12,282 per ton.

The rally was primarily triggered by tight global supply, coupled with strong demand from various industries, as well as the ongoing tariff uncertainties in the US.

Further buoying sentiment was Wells Fargo’s ice target upgrade for Freeport-McMoRan Inc. (NYSE:FCX) to $55 from $47 previously, while maintaining its “overweight” rating for its stock.

Wells Fargo said that the coverage was based on expectations that copper inventories would remain tight amid lingering concerns that the US would slap another round of tariffs on refined copper products, further pushing industries to stock up on supply.

Freeport-McMoRan Inc. (NYSE:FCX) is one of the leading copper producers globally. It operates various mines in North and South America, as well as the Grasberg site in Indonesia—one of the largest copper mines in the world.

In the third quarter of the year, the company grew its net income attributable to shareholders by 28 percent to $674 million from $526 million in the same period last year. Revenues inched up by 2.68 percent to $6.97 billion from $6.79 billion year-on-year.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.