Copper is a key industrial metal that is widely used in the construction, electrical, and transportation industries. It is a vital component in the production of items such as wires, pipes, and coins. As well as it has a wide range of uses in various other industries.
Copper stocks refer to the ownership of publicly traded copper mining companies or copper ETFs. Investing in copper stocks can be a way to gain exposure to the copper market. While at the same time, potentially benefiting from the growth in demand for the metal. However, it’s important to note that investing in copper stocks can be risky and can be affected by factors such as changes in global economic conditions and fluctuations in the price of copper.
When investing in copper stocks, it’s important to conduct thorough research on the companies or ETFs in question. It is also important to be aware of any risks and uncertainties associated with the copper market and to invest only a portion of your portfolio that you can afford to lose. Overall, copper prices can be volatile, but if you can hold through the market fluctuations, Copper stocks could potentially be a great addition to your portfolio. If this has you keen on investing in the copper sector, here are two stocks to check out in the stock market today.
Copper Stocks To Buy [Or Avoid] In 2023
- Southern Copper Corporation (NYSE: SCCO)
- Freeport-McMoRan Inc. (NYSE: FCX)
Southern Copper Corporation (SCCO Stock)
Kicking off the list, Southern Copper Corporation (SCCO) is a mining company. The company mainly focuses on the exploration, mining, and production of copper, molybdenum, zinc, and silver. The company operates mines and metallurgical processing facilities in Peru and Mexico.
Back in October, Southern Copper released its Q3 2022 financial results. Getting straight to it, the company showed that it earned $0.67 per share while generating a revenue of $2.2 billion. Analysts had forecast that the company would earn $0.55 per share and generate revenue of $2.4 billion. However, it should be noted that the revenue decreased by 19.5% when compared to the same quarter of the previous year.
Over the last six months of trading, SCCO stock has surged higher by 49.20%. While, during Wednesday morning’s trading session, Southern Copper stock opened higher off the open by 2.31% at $73.53 a share.
[Read More] 3 Gold Mining Stocks To Watch In January 2023
Freeport-McMoRan (FCX Stock)
Next, Freeport-McMoRan Inc. (FCX) is a mining company. The company engages in the exploration, mining, and production of copper, gold, and molybdenum. The company operates mines and processing facilities in the Americas, including the Grasberg mine in Indonesia, one of the largest copper and gold mines in the world.
Last month, the company reported that its Board of Directors have declared a cash dividend of $0.15 per share on common stock. This will be paid on February 1, 2023, for shareholders that are recorded as of January 13, 2023. The dividend is a combination of $0.075 base per share, and $0.075 variable per share as per the company’s payout system based on performance.
Similar to Southern Copper, FCX stock has increased by 66.13% over the past six months. Meanwhile, during Wednesday’s mid-morning trading session, shares of FCX stock opened flat on the day, currently trading at $44.69 a share.
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