Freeport-McMoRan Inc. (FCX) engages in mining mineral properties in North America, South America, and Indonesia. The company primarily explores copper, gold, molybdenum, silver, other metals, and oil and gas. On the other hand, Turquoise Hill Resources Ltd. (TRQ) operates as a mining company. The company explores for copper, gold, and silver deposits. It develops and operates the Oyu Tolgoi copper-gold mine located in Southern Mongolia.
Copper exceeded $5 a pound on Monday after hitting a record-closing high of $4.94 a pound on Friday. The rapid surge in copper prices has been primarily driven by fears of further supply-chain disruptions fueled by the sanctions imposed on Russia. In addition, historically low global stockpiles and rocketing energy costs are helping copper companies expand their profit margins. Moreover, copper demand is expected to remain high due to infrastructure investment growth in the United States and global initiatives to address climate change. Therefore, both FCX and TRQ should benefit.
