On September 17, Freeport-McMoRan rose 3.1% in regular trading, trading at $70.64/share with turnover of $39.84 million, rebounding from recent multi-session losses driven by copper tariff uncertainty and rate hike fears.
On the news front, RBC Capital Markets raised its price target on Freeport-McMoRan to $85 from $73, maintaining its Sector Perform rating. The updated consensus mean price target now stands at $74.41, according to FactSet, well above the current share price. The upgrade follows sharp declines earlier this month after reports emerged that the White House had not yet decided whether to impose tariffs on refined copper, which triggered a selloff exceeding 7% on September 10 and further losses on September 14 amid elevated rate hike expectations tied to a hotter-than-expected August core CPI print.
Market analysis suggests copper prices may follow a pattern of near-term pressure followed by recovery, supported by structurally low global inventories and resilient downstream demand. UBS previously forecast global refined copper shortages widening to 379,000 tonnes by next year, with copper prices potentially reaching $15,500 per tonne. A key date to watch is September 28, when a tariff ruling outcome is expected.
(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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