Cramer's 'Mad Money' Recap: Profit Mining With Freeport-McMoRan

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The minerals and mining sector is in a long-term bull market that's en fuego. The way to play it is with Freeport-McMoRan (FCX Quote), Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

Cramer considers mining stocks among the best to hold because of the huge global demand for raw materials. In addition, he said investors can benefit from the great deal of consolidation occurring in the sector. "Where there are takeovers, there are stocks that usually go much, much higher," Cramer said.

His favorite play in the industry is Freeport-McMoRan, which he owns for his charitable trust, Action Alerts PLUS.

This company is just "fabulous," Cramer said, and it has nothing to do with the U.S. economy.

He said the demand for copper seems to be increasing while supply is decreasing, and Freeport-McMoRan should profit as a leading copper mining company. He also said it has "an unbelievably great" buyback going.

Where consolidation is concerned, Cramer said he doesn't want to see a takeover here, because he believes Freeport-McMoRan has so much upside on its own. It is a stock people should consider, he said.

Going With Hudson City Bancorp

If his thesis is right and the Federal Reserve starts slicing and dicing rates, people should consider owning a bank, Cramer said.