My FCX Analysis and Why I Prefer It Over Another Copper Ticker

by Roger Scott | Sep 18, 2026

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I’ve been telling my viewers that copper was going to be the strongest of the three major metals — gold, silver and copper — before they all pulled back.

Now copper is showing an A-line pullback, with the price sitting near its 15- and eight-day exponential moving averages (EMA). If it breaks higher from here, we should see higher copper prices…

And that’s why I’m watching Freeport-McMoRan (FCX) closely.

The broader market started moving up again Thursday, creating the potential for a strong rally and supporting the bullish copper setup. We’ve already seen a substantial move that could put pressure on other assets, including gold and crude oil, as capital shifts toward stronger opportunities.

Gold offers an important comparison. It’s holding around its 50-day MA, which suggests stability but not necessarily the same breakout potential copper is showing. Copper’s setup looks more dynamic, and its strength relative to other commodities reinforces my preference for the metal right now.

The Technical Setup on FCX

FCX needs to break above a key level to signal its next leg higher. I’m watching the $72.60 to $72.70 zone. Until the stock clears that area, it still has work to do.

If FCX moves above that range, it could capitalize on copper’s broader strength. The chart is setting up and the commodity backdrop supports the move, but I still want confirmation before treating it as a breakout.

We also need to consider the economic backdrop. The market is pricing in roughly a 50% chance of an October rate hike. Higher rates can pressure commodities by strengthening the dollar and increasing financing costs, so any shift in those expectations could create volatility.

For now, copper’s relative strength remains the more important signal, but rate expectations are worth monitoring.

Why I Prefer FCX Over SCCO

Southern Copper (SCCO) is another copper stock, and FCX and SCCO tend to follow each other. But I prefer FCX because its spreads are better, its trading is tighter and it’s the stronger, more liquid name. That matters when you’re trading with size or looking for clean entries and exits.

SCCO is still a valid way to trade copper, but FCX is the cleaner play. Both stocks need to hold above their key moving averages, and FCX still must clear the $72.60 to $72.70 zone.

Bottom line: Copper is showing strength as the broader market improves, while gold remains anchored near its 50-day moving average. If copper breaks higher and FCX clears resistance, the next leg could begin.

Stay sharp, watch the levels and be ready when the setup confirms.

I hope that helps!

Roger Scott
Roger Scott Trading

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