New York, January 21, 2026, 20:11 EST — The market has closed.
- Shares of Freeport-McMoRan rose roughly 0.9% on Wednesday, just ahead of their quarterly earnings report due Thursday.
- Copper regained some ground, supported by tight supply despite weaker demand signals from China.
- Thursday’s call will bring fresh details on volumes, costs, and the 2026 outlook that investors are eager to hear.
Shares of Freeport-McMoRan (FCX.N) edged up 0.9%, closing at $60.58 on Wednesday. The stock fluctuated between $59.75 and $62.12 during the session as investors prepared for the copper miner’s quarterly earnings, set to drop before Thursday’s open. 1
Timing is key. Freeport’s results come as copper hovers near record highs, with headline risk fueling quick, volatile swings in metals and mining stocks. Even a minor adjustment to output or cost forecasts can rapidly shift estimates.
Copper, the company’s key profit driver, climbed 0.4% to $12,796 a metric ton on the London Metal Exchange (LME) in late trading, bouncing back after a 1.6% drop the previous day. Neil Welsh, head of metals at Britannia Global Markets, noted in a report that “structural tightness continues to underpin prices.” Still, Dan Smith, managing director at Commodity Market Analytics, expressed skepticism about the rebound, pointing out his model issued a sell signal. The LME cash premium over the three-month contract — a measure of short-term supply tightness — flipped from a more than $100 a ton premium on Tuesday to a $23.50 discount on Wednesday. Meanwhile, the Yangshan premium, which reflects Chinese import demand, tumbled to $22 a ton, marking its lowest level in nearly 18 months. 2
Trade chatter added to the noise. U.S. President Donald Trump pulled back on tariff threats and dismissed any notion of seizing Greenland by force, giving risk appetite a boost. Still, Pepperstone analyst Chris Weston noted the market has “largely removed the tail risk” of a clash with NATO allies. Eyes now turn to U.S. core PCE inflation data due Thursday, which could still shake up the dollar and commodities. 3
Freeport is set to hold its fourth-quarter conference call at 10:00 a.m. ET Thursday, the company announced. 4
The company will release its earnings before the market opens, with analysts on Wall Street forecasting an EPS of $0.32 on $5.35 billion in revenue, according to Seeking Alpha. 5
Investors will focus on unit costs and sales volumes in the numbers. Copper’s strong price helps, but rising costs — from power, labor, and consumables — remain a factor each quarter.
The copper market sends mixed messages. Spot supply remains tight, which could drive near-term premiums higher. Yet demand risks weakening fast if buyers—particularly in China—shun those elevated prices.
The key risk for Freeport ahead of the earnings report is clear: if copper’s rebound loses steam or management signals caution on demand and expenses, the stock could quickly retreat. Miners rarely enjoy much leeway when commodity sentiment shifts.
Thursday kicks off with earnings before U.S. markets open, then the 10 a.m. ET conference call. Traders will watch U.S. inflation numbers closely, while also tracking copper’s spot spreads and China import data for signs that this week’s rally can hold up.
