John O'Connell, CFAFreeport McMoran Copper & GoldFCXWAITSep 10, 2012

What we've seen is just a supply response -- there's just not a lot of copper out there. But we're going to need it for a long time. It's a great play, but it's already reflected in the stocks and they're not as cheap as they were. He owns a bunch of them.

Still likes FCX. Grasberg coming fully online will be very beneficial. Probably the best bang for your buck right now.

Start a position during this recent pullback in the copper price.

He added more shares during this pullback in the metals. It's an opportunity. However, if there's rate hikes through the end of this year, then forget the gold trade, he will be wrong about metals. Long term there's a lot of value, and the stock is cheap.

Copper prices are up 18% this year and 48% in the past year, booming from data centre demand. FCX is the best way to play copper. Copper stocks have pulled back recently, but Lang says are due to rebound the rest of the year. FCX's chart shows higher highs and higher lows on strong volumes. The RSI has fallen from overbought levels, so pull the trigger now. The MACD shows a bullish formation now; FCX could break out to $80, then $100. There's strong call option buying, also suggesting $100.

Copper is one of the most powerful themes in this market. Copper producers broke out, with consolidation over last several months.

Massive mine in Indonesia has been prolific. He'd be a buyer right here. Generates enormous cashflow. Estimates are going higher. Just broke out technically.

It has a lot of resistance at the current level.

All roads lead to copper which has quietly risen to $6.50. FCX is +36% this year, but still trades at 18x PE and a 6% free cash flow yield.

He sold it. It hit a high for the year on June 17. Materials, including gold and copper, have been selling off.

Is near a 52-week high. He wants yields to go lower. Money is coming out of oil and into precious metals.

Secular growth of the copper market, as copper's used more and more in today's society. Recent turmoil in Iran has boosted price of copper.

Today's earnings report was good, but the mine site of last year's tragedy won't be online as quickly as anticipated. Pretty good entry point, though expect the price to wallow for a while.

Likes the momentum and the tailwind of their Indonesian mine reopening, started last October. He expects an upgrade in that operation later this year.

Wouldn't chase copper, global inventories are quite extended. Bullish story with long-term story of electrification. China not as aggressive a buyer as it's been.

Take a look at TECK.B.

There's strong demand for copper while supply has tightened. Also, FCX has gold byproducts, and gold is selling high.

It reports Thursday. It should have good numbers, because of the strength in gold prices. Is still room to run. Copper is pricey, but is needed for the data centres.

They had a huge mudslide, which was negative for business. Trades at 16x PE, 8% free cash flow yield, and copper is in huge demand, used in EVs, solar and wind and AI.