On September 2, Freeport-McMoRan rose 3.38% in regular trading, trading at $74.53/share, with turnover of $75.69 million. The rebound came after a 3.01% decline in the prior session triggered by Grasberg production cut concerns.
On the news front, the copper sector rallied broadly as AI data center infrastructure demand continued to bolster the copper demand narrative. LME three-month copper broke above $14,300 per ton, with institutions projecting global copper demand to grow from 28 million tons to 42 million tons by 2040. Multiple brokerages recently lifted their price targets on Freeport-McMoRan, with Raymond James raising its target to $83 from $76, Argus adjusting to $78 from $72, and William O'Neil initiating coverage with a Buy rating.
Fundamentally, the company reported Q2 adjusted EPS of $0.74, beating the $0.59 consensus by over 25%, while revenue of $7.03 billion also topped the $6.71 billion estimate. Management guided 2026 copper net cash costs at $1.90 per pound and targeted 300 million pounds of copper extraction via leaching at U.S. operations by year-end, reinforcing operational momentum alongside Grasberg's planned restart.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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