On September 17, Freeport-McMoRan rose 3.09% in pre-market trading, trading at $71.46 USD/share, with turnover of $1.0712 million, rebounding from a steep selloff that had pushed shares below $67 earlier in the week.
On the news front, RBC Capital Markets raised its price target on Freeport-McMoRan to $85 from $73, maintaining its Sector Perform rating, representing notable upside from current levels. The analyst consensus average target stands at $74.41 with an overweight rating. This upgrade comes after the stock suffered back-to-back declines driven by uncertainty over White House copper tariff policy and elevated rate hike expectations following hotter-than-expected August CPI data.
Market analysis suggests that despite near-term headwinds from the unresolved U.S. refined copper tariff decision and COMEX inventory reflow risks, structural support from low global copper inventories and downstream rigid demand remains intact. Analysts note that copper prices may follow a pattern of near-term weakness followed by recovery in the fourth quarter, with the September 28 tariff ruling date and seasonal order recovery serving as key catalysts. The long-term supply deficit narrative remains supported by forecasts of global refined copper shortages expanding from 219,000 tonnes to 379,000 tonnes by next year.
(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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