Why the Copper Squeeze May Reward This Mining Stock More Than Nvidia
As an AI-fueled supply squeeze grips copper, Freeport-McMoRan (FCX) is emerging as the standout among copper stocks.
The largest US copper miner trades near $66.50 after a sharp year-to-date run, its chart is showing a bullish continuation pattern that points toward $87, and Wall Street still rates it a Strong Buy. Behind the setup sits a simple idea, that the AI boom needs far more copper than the market can supply.
What Is Driving the Squeeze?
The squeeze is severe and current. Copper hit an all-time high on COMEX on August 12, while the London Metal Exchange front-month spread blew out to a $370-a-ton premium, the widest since 2021, with inventories down for 42 straight days.
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