Copper has rallied–again–to a new 10-year high and that has taken Freeport McMoRan Copper and Gold to $39.53 today, April 28, as of 3:50 p.m.. That’s above my target price in my Jubak Picks Portfolio of $34. So today I’m selling this position. The stock is up 39.34% as of 3:50 p.m. New York time since I added it to the portfolio on January 6, 2021. I still have substantial exposure to copper through my positions in Southern Copper (SCCO) in my long-term 50 Stocks Portfolio and in my Dividend Portfolio.
I think the long-term trend in copper points upward on growth in electric cars (since they require more copper than conventional cars), on growth in wind power, and on a need to modernize the electric grid. But long term rallies in any commodity tend to be punctuated by pull backs.
And right now I’d rather have a little more cash in hand.