If you're like me, more and more you're hearing your neighbors, business colleagues, and perhaps family members describe Mr. Market as "fully valued." Given the run-up the market has experienced since March, it's easy to paste it with that label. Nevertheless, I believe there are stocks out there with remaining room to run.

One such name is Freeport-McMoRan (NYSE:FCX), the world's largest publicly traded copper and molybdenum company, along with being a major gold producer. In 2006, Freeport bought its rival Phelps Dodge, a company twice its size, to enhance its competitive position against copper rivals BHP Billiton (NYSE:BHP), Rio Tinto (NYSE:RTP), Southern Copper (NYSE:PCU), and Chile's state-owned Codelco, the world's largest producer.

For centuries, copper has been mined primarily in open pits. Recently, however, a number of major producers are in the process of moving underground to lengthen the life of their mines and increase the quality of the copper removed from them. Freeport is in the process of developing an underground unit at its huge Grasberg mine in Indonesia, along with several other mines. Rio has developed underground mines from open-pit facilities in South Africa and Australia, and it's teaming up with BHP in an underground project in Arizona.

Freeport owns 90.64% of the huge Grasberg mine Papua, with the Indonesia government owning the remaining 9.36%. However, at this time, "Dialogue and negotiations are ongoing about the possibility of the government of Papua province obtaining (additional) ownership shares in PT Freeport Indonesia," according to a spokesman for the state-owned company.

As copper prices continue upward, I remain partial to Freeport. The company boasts long-lived reserves and geographically diverse operations around the globe. I'm convinced that Fools should keep a close watch on this solid metals and mining company.

Freeport-McMoRan is a four-star rated stock among Motley Fool CAPS players. Why not check in with your vote?

Fool contributor David Lee Smith doesn't have financial positions in any of the companies listed above. He does welcome your questions or comments. The Fool has a heavy metal disclosure policy.