Copper's a Gold Mine

Shares of mining giant Freeport-McMoRan Copper & Gold(FCX Quote) appear set to get a big boost this spring on the back of continued strength in industrial metal prices and a more benign risk profile, according to analysts.

Freeport, which completed its takeover of copper and molybdenum producer Phelps Dodge earlier this month, has already seen a stock price surge of 25% since the beginning of the year to about $66 recently. If observers are proved right, that advance could be dwarfed by a coming rally.

The key, it seems, is the buoyant outlook for copper prices, a metal that made up 78% of the new Freeport's pro forma 2006 revenue, according to company data. ...