NEW YORK, Jan 6, 2026, 09:51 EST — Regular session
Shares of Freeport-McMoRan Inc (FCX) rose 3.3% to $56.23 by 9:50 a.m. EST on Tuesday, after touching $57.12, a new 52-week high. The stock has traded between $55.71 and $57.12 so far, while rival Southern Copper was up about 3%.
Copper’s latest surge has been the key driver. Benchmark three-month copper on the London Metal Exchange (LME), a global pricing venue for industrial metals, hit a peak of $13,387.50 a metric ton on Tuesday, Reuters reported, citing a Morgan Stanley note.
Supply shocks and policy noise have amplified the rally. U.S. copper import tariffs remain under review, and inventories in Comex warehouses — tied to the U.S. futures exchange — climbed to 453,450 metric tons as of Jan. 2, up about 400% since April, Reuters reported. “Copper prices need to rise further to persuade miners to generate significant new production,” SP Angel analyst John Meyer said, though Macquarie analyst Alice Fox argued that “the fundamentals of the market do not justify current prices.” 1
But copper has a history of sharp pullbacks, and miners can fall fast when the metal turns. Any cooling in demand, a surprise jump in supply, or a shift in U.S. trade policy could cap the rally.
Freeport gained 4.78% on Monday to close at $54.41 and logged its second straight daily rise. Trading volume hit 26.7 million shares, nearly double its 50-day average, and the stock notched a new 52-week high, MarketWatch reported. 2
