Benzinga | May 12, 2021 08:45AM EDT

Why Courtney Dominguez Is A Buyer Of Freeport-McMoRan

On CNBC's "Fast Money," Courtney Dominguez of Payne Capital Management said there are some great opportunities here with Freeport-McMoRan Inc (NYSE:FCX), considering it is a direct beneficiary of copper price increases. Copper has recently hit new highs and it is expected it could hit $6 per pound by the end of the year, said Dominguez.

Current supply and demand constraints are only expected to likely get worse, the analyst said. Supply is at one of its worst constraints we have seen and demand is only expected to increase. Clean energy demand for copper is expected to increase fivefold this decade and that could lead to a significant shortage of copper and to further increase in price, explained Dominguez. China is around 50% of the global demand for copper so Dominguez thinks that is worth watching.