Despite its recent rise, Freeport-McMoRan (FCX) stock is up by only 11% in 2023, and is underperforming the S&P 500 ($SPX). FCX, which is among the world’s largest copper producers, was in the red last year as well, but outperformed the markets as investors pivoted to commodity and value stocks amid the turmoil in growth names.
Copper (HGH24) is quite a cyclical commodity, and its prices depend on multiple variables, including global (and especially Chinese) growth, interest rates, and the U.S. dollar, as well as supply.
