Movement Alert｜Freeport-McMoRan Rises 3.01% in Regular Trading, HSBC Raises Target Price to $75 Amid Copper Supply Tightening

Market Focus06-12 21:42

On June 12, Freeport-McMoRan rose 3.01% in regular trading, trading at $67.51/share, with turnover of $56.31 million. The move was driven by HSBC raising its target price from $72 to $75, adding to recent bullish momentum from multiple institutional upgrades.

Earlier, Jefferies significantly raised its target price from $75 to $85, maintaining a buy rating, citing expectations that LME copper prices will rise to $6.50 per pound by 2027. Analysts pointed to delayed full production at the Grasberg mine in Indonesia, weak Chilean output, and copper concentrate treatment charges falling below negative $100 per dry ton, projecting a global copper supply deficit averaging 491,000 tons annually through 2030.

The broader copper sector rallied in tandem, with Southern Copper Corp up 2.25%, Taseko Mines up 1.82%, and Ero Copper up 1.34%, reflecting a clear sector-wide linkage effect driven by persistent supply-demand tightness expectations.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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