New York, Jan 13, 2026, 21:30 EST — Market closed
- Shares of Freeport-McMoRan closed Tuesday 1.1% higher at $59.34, having reached a fresh 52-week peak during the session
- Over the last two days, Wells Fargo and Citi bumped up their price targets on FCX, pointing to copper trends and operational forecasts.
- Attention now turns to the dividend record date on Jan. 15 and the company’s Q4 earnings call scheduled for Jan. 22
Shares of Freeport-McMoRan (FCX) hit a new 52-week high on Tuesday, building on a strong January rally fueled by a tight copper supply and positive broker commentary.
The copper miner serves as a key proxy for the metal within U.S. equities. Copper finds its way into power cables, construction projects, and electric vehicles. Its price often jumps sharply, driven by supply cues, demand from China, and shifts in U.S. interest rate outlooks.
The mix is crucial now since copper remains close to its highs, despite ongoing debate about whether the rally is outpacing actual demand. Should copper stay firm, miners typically see stronger cash flow and dividends. But if it slips, their stocks can tumble just as quickly.
Freeport closed the regular session up 1.07%, finishing at $59.34. The stock hit an intraday high of $60.09, with roughly 22 million shares traded, per the company’s stock quote page. (Fcx)
On the London Metal Exchange, the three-month copper price, delayed by a day, stood at $13,164 per metric ton, slipping 0.34%. This keeps the benchmark near the levels that have drawn attention to the sector throughout the month. (Lme)
Citi analyst Alexander Hacking raised his price target for Freeport to $67 from $48, maintaining a Buy rating, according to TipRanks. The update reflects adjustments to Citi’s model based on “recent copper prices” and the “Grasberg ramp.” The bank remains short-term bullish on copper. (TipRanks)
Wells Fargo bumped its price target to $64 from $55 and maintained its Overweight rating, signaling it expects the stock to outperform its coverage group. But the firm also warned about a “demandless recovery” risk—prices climbing without a corresponding jump in physical demand—and the threat of substitution, where users might switch to alternative materials if copper prices stay high. (TipRanks)
Bank of America singled out Freeport as one of its top mining picks for 2026, according to a note flagged by Business Insider. Analyst Lawson Winder cited “rising geopolitical tensions” along with ongoing “import and export bans and tariffs” shaping metals markets. (Business Insider)
Freeport’s shares usually move alongside other copper-focused miners like Southern Copper and Teck Resources. On days when copper grabs the spotlight, global diversified miners such as Rio Tinto and BHP tend to follow suit.
But the setup isn’t one-directional. Copper’s speculative gains can evaporate fast if the dollar firm up, Chinese demand weakens, or rate expectations shift. Meanwhile, miners might underperform even if copper holds steady, especially when costs climb or production falls short.
Freeport’s board announced cash dividends of $0.15 per share for income-focused investors, setting a record date of Jan. 15 and a payment date of Feb. 2, the company said in a December release.
Freeport’s fourth-quarter results and conference call are set for Jan. 22 at 10:00 a.m. ET. Investors will focus on updated guidance for 2026 production, unit costs, and capital spending, along with fresh insights into operations at key sites like Grasberg.
