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There’s something brewing in the materials sector that’s caught my attention — and if you’ve been waiting for a setup in commodities, this might be it. Alongside metals, traditional energy names are sitting at a massive discount to tech and that gap alone hints that we may be watching the early stages of a broader rotation into hard assets.
I’ve been watching Southern Copper (SCCO) closely and the setup suggests it can go on a real run. Freeport-McMoRan (FCX) is showing a similar pattern and when these two start lining up together, it’s often a signal the entire base metals space is tightening for a move.
But the strength here is selective. Base and industrial metals are building momentum while precious metals continue to look sluggish. Palladium already made the downside extension I wanted but it hasn’t shown any real enthusiasm for a significant next leg higher.
Platinum looks like it could be setting up for another retrace, especially if gold takes a spill. That divergence is exactly why copper-focused names stand out right now — they’re moving on their own fundamentals rather than following precious metals weakness.
Freeport-McMoRan Could Be the Better Opportunity
If I’m looking at risk-reward in this space, FCX might actually be the better opportunity. My initial target sits in the $80 zone but this thing could stretch toward $130 if the rally gets spicy. That’s where the potential 30-60% upside range comes from.
A big part of identifying setups like this comes from watching key technical levels. When a stock closes above a major Fibonacci retracement — like a 61.8% level — it often opens the door to higher extension targets. That’s the type of structure forming in both SCCO and FCX, and it’s the reason these charts are getting interesting.
Outside of copper, there are pockets across materials worth tracking. Lithium through Sociedad QuÃmica y Minera (SQM) is on my radar because the longer-term upside potential is there but it still hasn’t found a firm bottom.
Until that develops, it’s an idea to watch rather than chase. Uranium, on the other hand, could end up being a standout. While gold, silver and platinum may retrace, uranium looks like it can pull back to its Market Roadmap line and hold, setting up another solid upside move even as other commodities take a breather.
What to Watch as This Setup Develops
Commodity trades move in waves and we may be in the early stage of a new one in materials. The divergence between strong base metals and soft precious metals helps confirm that this isn’t a blanket commodity rally — it’s targeted strength driven by economic expectations, demand for industrial metals and the possibility of capital rotating into undervalued hard-asset sectors.
The bottom line? Materials look ready, copper names are leading, FCX could deliver the cleanest risk-reward and uranium may offer an outlier opportunity. Keep these setups on your radar — the conditions are aligning for something meaningful.
Jeffry Turnmire
Jeffry Turnmire Trading
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I’m just a regular dude in Knoxville, Tennessee: a husband, father, civil engineer, urban farmer, maker and trader.
I’ve been at this trading thing with real money for 20-plus years, and started paper trading over 35 years ago. I have a knack for making some epic predictions that just may very well come true. Why share them? Because I like helping other people — it’s the Eagle Scout in me.
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P.S. Today’s Can’t-Miss Summer Stock Roundtable
Jack Carter, Nate Tucci, Kane Shieh and I will go live shortly at 11 a.m. ET for the Summer Stock Roundtable.
We’ll hand you the exact trade setups to help you navigate the next few months with total clarity.
Here’s what you’re walking away with:
- Our exclusive stock watchlist for the next 90 days
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While there are no absolute guarantees in trading…
Your “frictionless summer” starts the moment you walk into the room. Don’t miss out.
