Brian Kelly Is Short FCX And Copper Futures

Brian Kelly of Kanundrum Capital said on CNBC's Fast Money that he has a short position in Freeport-McMoRan (NYSE: FCX) and copper futures. He believes that the demand for copper is key to Freeport McMoRan's (FCX) stock price. Currently he sees a slow down in Europe and China, and he points that China has a huge stock of copper.

Tim Seymour doesn't agree with Brian Kelly on the Chinese growth. He believes that China is not slowing down and that copper is an important strategic metal. He also sees troubles in copper short term, but in the long term he is bullish.

Joe Terranova thinks that copper is having trouble breaking the $3.3 barrier, and sees the price challenging $3. He believes that copper fundamentals are fine long term.

Gary Kaminsky added that Freeport-McMoRan (FCX) is trading like an ETF for copper.