With Freeport McMoRan down 42% year to date, is it a buy?
Terranova said he was encouraged by Freeport McMoRan(FCX_) CEO's comments that demand for copper remains tight and the copper market is easily manipulated.
Kelly said copper may drop to $2.60 before it rebounds.
Dan Dicker, senior contributor for TheStreet, said copper is disconnected from the stock market and is taking on the chin.
He said copper has usually been taken as a proxy for global growth, but he argued it's OK to have copper at $3 and still tell a good global story.
Jorge Beristain, an analyst with Deutsche Bank, said he would be a buyer at these levels.
He said the "simple math" is that Freeport is at now at half of its 52-week high, has a "bullet-proof" balance sheet and is likely to raise its dividend.
He said the company is operating at 97% of its capacity.
Source: thestreet.com