Buyers Swarm Into Copper (FCX)

The action in COMEX Copper futures trading today was interesting to say the least. The theme of the day across most every asset class was de-risking, as investors continue to seek refuge from the crisis unfolding in the Euro zone. Just about every single risk asset has been hammered during today's trading session, including crude oil, technology and financial stocks, and the Euro currency. Copper, on the other hand, stood very strong. Copper futures jumped 2.6944% to $3.011 during COMEX trading as bargain hunters stepped in to bid up the industrial metal. This could indicate that copper has found a bottom and will continue to be able to sustain itself above the $3.00 level. The best way for equity investors to gain exposure to copper in their portfolios is to buy shares of Freeport-McMoran FCX. On the day, FCX has lost 0.66% to $67.51. The shares are trading at steep discount to their 52 week high of $90.55. If you think that today's action in copper futures was a bullish technical signal, consider stepping into FCX.