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Freeport-McMoRan Is a Great Buy for Value Investors

·4-min read

Markets move in mysterious ways, and there aren't many bigger mysteries to resolve than the move in copper prices over the last couple of months. The decline in the price of copper from more than $4.80 per pound in mid-April to less than $3.20 per pound in mid-July caught many investors by surprise, as it did the management of leading copper miner Freeport-McMoRan (NYSE: FCX). As noted, the price of copper has dropped, and so has Freeport's share price, but CEO Richard Adkerson argues that there is a "disconnect in today's physical market and the current copper price."