NEW YORK, NY / ACCESSWIRE / October 16, 2017 / Shares of Cleveland-Cliffs headed higher in Friday trading after an increase in Chinese steel imports sent steel related stocks into the green. Freeport-McMoran also saw gains in Friday trading. It was last week that Indonesia's finance minister said that a deal with Freeport could be resolved by the end of this year over the Grasberg copper mine.

RDI Initiates Coverage on:

Cleveland-Cliffs Inc.
https://rdinvesting.com/news/?ticker=CLF

Freeport-McMoRan Inc.
https://rdinvesting.com/news/?ticker=FCX

Cleveland-Cliffs Inc. shares closed up 10.67% on nearly 25 million shares traded on Friday. There was no significant news from the company to explain the gain but an increase in imports of steel from China sent stocks in the steel sector higher, including Cleveland-Cliffs. The company will release its 3Q17 results before the US market opens on October 20, 2017. There are several important things that traders are anxiously waiting for with the results including updates on the Tilden mine that the company has acquired a 15% interest in from U.S. Steel. The company may also discuss the Section 232 probe into steel imports and their expectations regarding the timing of the decision. There's a concern that the probe could affect the company directly as well as other companies such as Ak Steel and Steel Dynamics.

Access RDI's Cleveland-Cliffs Inc. Research Report at:
https://rdinvesting.com/news/?ticker=CLF

Freeport-McMoRan Inc. shares closed up 1.65% on Friday on mediocre trading volume compared to usual. There was no significant news from the company last week, but Indonesia's Finance Minister Mulyani told CNBC that a deal with the company may be resolved by the end of this year over the Grasberg copper mine that FCS agreed to sell a 51% stake in back in August. The company agreed to sell in exchange for licenses to operate the gold and copper pit until 2041. "We will continue making our best effort to make it hopefully even earlier than that, but we will try to do our best and I think the communication is good," Mulyani told CNBC. Also a frenzy of analysts have been Bullish on the stock, with Jefferies Group recently reiterating a "buy" rating on the stock. It was October 4th that the firm reissued its "buy" rating. Jefferies has a $19 stock price target on it, $4 lower than its previous target of $23. The natural resources company is expected to report its next financial report on October 24th. Analyst are expecting the stock to report EPS of $0.23.

Access RDI's Freeport-McMoRan Inc. Research Report at:
https://rdinvesting.com/news/?ticker=FCX

Our Actionable Research on Cleveland-Cliffs Inc. (NYSE: CLF) and Freeport-McMoRan Inc. (NYSE: FCX) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com