Freeport-McMoRan (FCX) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
China's CMOC Group overtook Glencore to become the world's largest producer of cobalt last year as it ramped up its new Kisanfu mine in the Democratic Republic of Congo. Kisanfu, in which Chinese battery giant CATL owns a minority stake, has flooded the cobalt market. The Cobalt Institute estimates global production exceeded demand by 12,500 tons in 2023, making it one of the "biggest surpluses in recent years".
Unlocking the Potential of Freeport-McMoRan Inc's Mining Operations