The copper industry plays a crucial role in the global economy, as copper is an essential component in various sectors, including construction, electronics, transportation, and renewable energy. The metal’s high electrical conductivity, ductility, and resistance to corrosion make it indispensable in modern infrastructure and technology. As the world continues to focus on green energy and the electrification of transportation, the demand for copper is expected to rise, driven by the increased production of electric vehicles, solar panels, and wind turbines.
Copper stocks, which primarily consist of mining companies that extract and process the metal, can offer investors exposure to the copper market and its potential for growth. As with any commodity-focused investment, the performance of copper stocks can be heavily influenced by fluctuations in the metal’s price. Therefore, investors interested in copper stocks should prepare for potential volatility and consider both the global economic outlook and the specific factors affecting the copper industry.
When evaluating copper stocks, it is essential to examine the financial health, operational efficiency, and growth potential of the mining companies involved. Some key factors to consider include the companies’ production costs, reserve quality, and management team. As with any investment, it is crucial to conduct thorough research and due diligence before making any decisions. That being said, let’s dive into two copper stocks to watch in the stock market today.
Copper Stocks To Watch Right Now
- Freeport-McMoRan (NYSE: FCX)
- Southern Copper Corporation (NYSE: SCCO)
Freeport-McMoRan (FCX Stock)
Starting off, Freeport-McMoRan (FCX) is a prominent international mining company headquartered in Phoenix, Arizona, primarily engaged in the exploration, mining, and production of copper, gold, and molybdenum, with significant operations in North and South America as well as Indonesia.
In March, Freeport-McMoRan announced its most recent quarterly cash dividend. Diving in, the company’s Board of Directors has declared a cash dividend of $0.15 per share on common stock. The dividend is payable on May 1, 2023, to stockholders of record on April 14, 2023. This results in an annual dividend yield of 1.83%.
Over the past 6 months, shares of FCX stock have rebounded by 49.98%. While, on Thursday morning, FCX stock opened higher by 3.89% on the day so far at $40.98 a share.
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Southern Copper Corp. (SCCO Stock)
Second, Southern Copper Corporation (SCCO) is a leading copper producer based in Phoenix, Arizona, with mining, smelting, and refining operations in Mexico and Peru, focusing primarily on the extraction, processing, and sale of copper, as well as other valuable by-products like molybdenum, zinc, and silver.
Last month, Southern Copper reported its 4th quarter 2022 financial results. In the quarter, the company announced earnings of $1.17 per share, along with revenue of $2.8 billion. This came in higher versus analysts’ consensus estimates which were earnings of $0.80 per share, on revenue of $2.5 billion.
Looking at the past six months of trading action, SCCO stock has recovered by 68.62%. Meanwhile, during Thursday morning’s trading session, shares of SCCO stock are down slightly by 0.20% at $75.59 a share.
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