On September 23, Freeport-McMoRan fell 3.38% in regular trading, trading at $72.07/share, with turnover of $10.0189 million, as the copper sector came under broad selling pressure.
On the news front, recent industry reports indicated that Freeport-McMoRan's Grasberg mine production recovery is progressing slower than previously anticipated, with capacity restoration reaching only approximately 65%, well below the earlier forecast of 85%. This development has raised concerns about near-term copper supply from one of the world's largest copper-gold mining complexes.
Meanwhile, the broader copper sector traded broadly lower. Southern Copper Corp fell 2.99%, Ero Copper declined 2.9%, and TREKOR METALS dropped 3.63%. Analysts noted that while long-term copper fundamentals remain supported by global refined copper shortages — projected to widen from 219,000 tonnes to 379,000 tonnes next year — near-term headwinds persist, including uncertainty around U.S. refined copper tariff decisions and cautious downstream order placement. Multiple brokerages maintain overweight ratings on Freeport-McMoRan with a consensus target of $74.41, while RBC recently raised its target to $85.
(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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