Freeport-McMoRan (FCX), the leading US-based copper miner, is having a nice run in May. The stock has risen 12.9% so far this month based on May 22 closing prices. Thanks to the upwards price action this month, Freeport has narrowed its 2018 losses to 9.2%. Overall, 2018 has been a somber year for Freeport. On the macro front, copper prices have fallen from their 2017 highs as expectations of a supply deficit are now fast eroding.