Commodities are interesting right now. Of course they are traditionally an
inflation hedge, but since the major fear right now is deflation they aren’t
looking very appealing. However, there is so much cash being pumped into the
system that inflation could be huge once the turnaround comes. I think the call
on this depends on how close you think the turn is. If this is a bear market
rally, which I am inclined to believe, then waiting would probably serve you
well before jumping on PCU or FCX. Once the time does come I would suggest PCU
over FCX. We rate PCU a hold while FCX is a sell.