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Save your seatFCX ran from roughly $55 in late April to $65.50 now as copper pushed to record highs and traders looked past the latest Grasberg ramp delay.
The stock has the potential to go down if it loses $62, and that could open a pullback toward $58 to $60. More weakness in copper prices or fresh concern around Grasberg underground timing would accelerate the downside.
If FCX holds the $62 to $64 area on volume, a move back toward $69 to $71 is on the table. Resistance at $66 is the first hurdle, then the 52 week high near $70.96 matters.
We don't currently have information about Freeport-McMoRan Inc.'s earnings.