Call of the Day – Goldman Says Buy Freeport
The Fast Money traders put Freeport McMoRan on the radar after analysts at Goldman said the recent correction in metals offered a great buying opportunity.
According to the firm, "the best vehicle to express a bullish view on copper" is the world's largest publicly traded copper miner, FCX.
Should you follow Goldman’s call?
Brian Kelly wouldn't. “A lot of China’s copper is being stored in warehouses and can come right back on the market,” he says. In fact, Kelly is shortcopper. However, he adds he would not short FCX as a proxy for copper because he thinks it's a well run company.
Stephen Weiss doesn’t agree. He feels Beijing is effectively cracking down on buyers of copper who put it in warehouses.
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Trader disclosure: On August 31, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders;Seymour owns (AAPL); Seymour owns (BAC); Seymour owns (NBG); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Weiss Owns (AAPL); Weiss Owns (JPM); Weiss Owns (KO); Weiss Owns (NIHD); Weiss Owns (QCOM); Weiss Owns (VZ); Weiss Owns (TCK); Weiss Owns (FCX); Weiss Owns (TWM); Weiss Owns (SDS); Najarian is long (AAPL) call spreads; Najarian is long (AMT) call spreads; Najarian is long (DG) call spreads; Najarian is long (FDO) call spreads; Najarian is long (CLWR); Najarian is long (CCI) ; Najarian is long (CIGX)
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