Freeport-McMoRan's stock soared 5.06% in post-market trading on Wednesday, extending its recent gains as a key player in the metals and mining sector.
The rally is driven by strong fundamental demand for copper, fueled by increased military spending and the massive artificial intelligence data-center build-out. Analysts highlight that modern military equipment and AI infrastructure, now considered matters of national security, consume vast quantities of critical minerals, positioning copper producers like Freeport-McMoRan as major beneficiaries.
Additionally, the company's shares are tracking higher copper prices, which have risen due to a weaker U.S. dollar and continued speculative bullish bets on industrial metals by investors.
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