Shares of copper miner Freeport McMoRan Inc. rallied 4.6% Monday to lead S&P 500 gainers, buoyed by rising metals prices as investors pushed copper and aluminum to multi-year highs. J.P. Morgan raised its estimates for a range of metals, pushing its 2017 copper price forecast up 3%, its 2018 aluminum forecast up 7% and its 2017 zinc forecast up 2%. The bank upgraded Century Aluminum Co. to overweight from neutral and raised its stock price target on Alcoa Inc. to $56 from $48. It raised its 2017 per-share earnings estimate for Freeport to $78 from $67. Century aluminum shares jumped 5.2%, Alcoa was up 1.0% and Newmont Mining Corp. rose 1.8%. Arconic Inc. jumped 1.3%. The S&P 500 fell 0.2%.
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