"Recent weakness in commodities is just a pause to breathe , not the beginning of the end," says Yiannis Mostrous in Vital Resource Investor. His favorite copper play? Freeport-McMoRan Copper & Gold (NYSE: FCX).
"Most investors aren't able to grasp this commodities cycle's massive potential. The main reason is that few investors are willing to accept the big transformation that's taking place in several emerging market economies, led by China and India.
"We've been advocating this change for quite some time. And after several years of doing so, investors are more receptive. However, they're not totally convinced yet.
"This is the main reason this bull market in emerging markets and commodities has another strong leg up before it reaches all-time highs. But we're far from that point. Meanwhile, copper remains one of our favorite metals.
"Our long-standing recommendation to take advantage of copper's strength is Freeport-McMoRan Copper & Gold. Copper suffered from supply challenges along with investors' underestimation of its potential early in the year.
"According to industry sources, there are relatively few major copper projects coming online within next 10 years; grades are falling as the Chilean mines are aging; labor disputes continue to disrupt production; and nationalization issues present serious obstacles.
"The stock has been white-hot for the last few months, but we're still looking for great things from Freeport. It's less likely the US economy is going to melt down enough in 2008 to take down the rest of the world--particularly China, which has emerged as a key market for the red metal.
"That should keep prices high despite lower demand from the US. Also, Freeport has a rising production profile, which promises much higher earnings-and further advancement for Freeport's share price-in the coming years.
"The second half of 2008 could be particularly explosive. That's because the majority of the company's production takes place then, and it's likely to coincide with the beginning of a recovery in US demand.
"Freeport doesn't hedge because its management believes that demand for copper over the longer term is assured. We agree and continue to recommend Freeport-McMoRan Copper & Gold as a buy at current prices."
Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.
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