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Unveiling the Potential of Copper Trading Through 2024 with Insights from Michael Ballanger

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Source: Michael Ballanger 03/14/2024

As the markets witnessed copper prices soaring beyond the $4.00/lb. milestone recently, investors saw Freeport-McMoRan Inc. FCX scaling new heights at $42.50, with the June $40 calls reaching $4.74.

The path to the 52-week high at $44.70 clears the way for a potential surge above $50. Freeport-McMoRan’s extensive copper operations, including the monumental Grasberg mine in Indonesia holding the planet’s largest copper and gold reserves, are indicative of the company’s growth trajectory.

With both copper and gold recently breaking out, FCX emerges as a promising barometer for the anticipated upswing in metal prices throughout 2024.

  • Initial resistance observed at $42
  • Next targets lie at $44.70 and $50

Forecasts predicting a copper price range of $6-8/lb. by year-end imply a further uptrend for FCX.

Offering key insights into the junior copper sector, Ballanger’s list spotlights:

  • Fitzroy Minerals Inc. FTZFF (CA$0.19 / US$0.14)
  • American Eagle Gold Corp. AMEGF (CA$0.62 / US$0.46)
  • Sprott Junior Copper Miners ETF COPJ (US$19.76)

Copper trading at $4.0393/lb. signifies that escape velocity has indeed been reached!

Important Disclosures:

  1. Current as of the article date, officers and/or employees of Streetwise Reports LLC (including members of their household) hold securities of Fitzroy Minerals Inc. and American Eagle Gold Corp.
  2. Michael Ballanger: I, along with my immediate household or family members, hold securities in all mentioned companies. My company maintains a financial relationship with Fitzroy Minerals Inc. Inclusions in this article are based on personal research and sector understanding.
  3. Opinions expressed reflect the author’s views and not those of Streetwise Reports, Street Smart, or their executives. The author bears full responsibility for statement accuracy. Streetwise Reports did not receive compensation from the author for article publication or syndication. Contributing authors are required by Streetwise Reports to disclose any shareholdings in or financial ties to companies discussed. Author disclosures are available below. Streetwise Reports depends on authors for accurate information provision, lacking means to independently verify this data.
  4. This publication does not serve as investment counsel or solicitation for investment activities. Streetwise Reports does not provide general or specific investment advice, and the information on their platform should not be deemed as buying or selling recommendations for any securities. Each reader is urged to engage their personal financial advisor and undertake thorough investment research. By accessing this page, each reader acknowledges and agrees to abide by Streetwise Reports’ terms of service and comprehensive legal disclaimer. Streetwise Reports does not promote or endorse any business, product, service, or securities of any entity.

For further disclosures, please refer here.

Michael Ballanger Disclosures

This correspondence carries no assurances regarding the completeness or accuracy of the supplied data. The content within should not be construed as investment advice, implicit or otherwise. Representing personal perspectives, this communication replicates my trading decisions without further implications. Seek guidance from your registered advisor for investment endeavors. I disclaim any liability for losses stemming from the used data. Options and junior mining stocks involve significant risks that may lead to partial or total capital loss, making them suitable solely for experienced and professional investors and traders. Understanding the hazards of junior mining and options trading is vital, and consulting a financial advisor is recommended if these risks are unclear.

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