On September 22, Freeport-McMoRan rose 3.05% in regular trading, trading at $74.49/share, with turnover of $348 million. The gain came amid a broad copper sector rally, with the stock continuing to recover from its sharp selloff earlier in September triggered by uncertainty over White House refined copper tariff policy.
On September 10, copper futures and mining stocks plunged after reports indicated the White House had not yet decided whether to impose tariffs on refined copper, with officials weighing higher manufacturing costs against the benefits of encouraging domestic mining. Freeport-McMoRan fell as much as 8% that day, while LME copper dropped over 3%. Since then, the stock has staged a steady recovery. Notably, large bullish call option activity was observed on the day of the selloff, with 9,802 contracts struck at $80 expiring in October, suggesting institutional confidence in a rebound.
The broader copper sector showed strength, with Southern Copper up 4.21%, Ero Copper up 6.80%, and TREKOR METALS up 6.52%. Additionally, RBC recently raised its price target on Freeport-McMoRan to $85 from $73, while UBS projects global refined copper shortages to widen from 219,000 tonnes to 379,000 tonnes by next year, supporting a constructive medium-term outlook for copper prices.
(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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