Freeport-McMoRan (FCX) is up 7% today as copper prices make another run at 52-week highs. Now at $2.68 per pound, copper could make a run back to $3/lb. When Freeport-McMoRan reports earnings before the market opens tomorrow, the key will be the discussion around the price of copper. Even recent presentations showed the financial impact of copper only up to $2.50/lb. The market was completely caught off guard that a move above $2.50/lb was even possible. The stock is headed to $20+. Disclosure: Long FCX