The copper industry plays a crucial role in the global economy, given copper’s widespread use in various sectors. Copper is essential in electrical wiring, plumbing, telecommunications, and renewable energy technologies, making it a fundamental industrial metal. The demand for copper is often seen as an indicator of economic health, as it is extensively used in construction and manufacturing. The industry includes companies engaged in copper mining and refining, along with those that manufacture copper-based products.
Investing in copper stocks offers investors a way to tap into the metal’s critical role in the global economy. These stocks can be attractive during periods of economic growth, as demand for copper typically increases, potentially driving up its price and the value of copper stocks. The shift towards green technologies, including electric vehicles and renewable energy, also bodes well for long-term copper demand. However, there are disadvantages. The copper market is subject to price volatility due to fluctuating global supply and demand dynamics. Political and economic factors in major copper-producing countries can significantly impact the market.
For investors, copper stocks represent both a commodity play and an industrial investment. While these stocks offer potential growth, especially in a burgeoning global economy, they also require careful consideration of global economic trends and mining sector challenges. Diversification and a keen understanding of the factors affecting copper prices are essential when investing in copper stocks. All in all, here are two copper stocks to check out in the stock market today.
Copper Stocks To Invest In [Or Avoid] Now
- Freeport-McMoRan Inc. (NYSE: FCX)
- Southern Copper Corporation (NYSE: SCCO)
Freeport-McMoRan (FCX Stock)
Leading off, Freeport-McMoRan Inc. (FCX) is a leading international mining company. Specializing primarily in the mining of copper, gold, and molybdenum, the company operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold, and molybdenum.
Last month, Freeport-McMoRan announced that it had declared its quarterly cash dividend. In detail, the company’s Board of Directors declared a quarterly cash dividend of $0.15 per share on common stock. The dividend is payable on February 1, 2024, to stockholders of record on January 12, 2024.
Looking at the last month of trading, shares of FCX stock have advanced by 9.06%. Additionally, during Wednesday’s late morning trading session, Freeport-McMoRan stock is trading red on the day by 0.94% at $41.31 a share.
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Southern Copper (SCCO Stock)
Next, Southern Copper Corporation (SCCO) is one of the largest integrated copper producers in the world. The company conducts mining, smelting, and refining operations in Mexico and Peru. Southern Copper’s substantial mineral reserves include not only copper but also molybdenum, zinc, and silver.
Back in November, Southern Copper reported a beat for its third quarter 2023 financial results. Diving in, the company notched in Q3 2023 earnings of $0.80 per share. Additionally, net sales came in at $2,506 million, which represented an improvement of 16% compared to the same period, the prior year.
In the past month of trading, shares of SCCO have risen by 11.54%. Meanwhile, during Wednesday’s late morning trading session, Southern Copper stock is trading modestly lower by 0.57% at $83.80 a share.
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