New York, January 29, 2026, 14:58 (EST) — Regular session
Freeport-McMoRan shares climbed roughly 2% to $64.90 in afternoon trading Thursday, following a sharp jump in copper prices to new highs. The stock had surged as much as 9% earlier, hitting $69.47 after starting the day at $68.54.
These shifts are significant since Freeport stands out as one of the cleanest, most liquid U.S. copper equity plays. When copper prices jump, the stock often turns into a macro play — quick money flows in and just as quickly flows out.
Three-month copper on the London Metal Exchange (LME) soared 11% to a record high of $14,527.50 a metric ton before pulling back to $13,612.50 by 1700 GMT. Neil Welsh from Britannia Global Markets attributed the surge to “intense speculative trading” focused on China, with a weak dollar and geopolitical tensions providing additional backing. 1
Shares in other copper-linked miners followed the metal’s climb. Southern Copper jumped nearly 5%, while Teck Resources added around 3%.
The rally is pushing forecasts higher, but caution lingers. A Reuters poll of 31 analysts put the LME cash copper price at an average of $11,975 per metric ton in 2026. Natalie Scott-Gray from StoneX warned that prices above $13,000 “are unsustainable” over a 12-month span. 2
Freeport last week topped quarterly profit forecasts but slashed its 2026 copper output forecast by 50 million pounds, now expecting 3.4 billion pounds, following a fatal accident at its Grasberg mine in Indonesia. CEO Kathleen Quirk told investors the team is “dedicated to safely and sustainably restoring our operations.” The company anticipates roughly 85% of Grasberg’s production will resume in the second half of the year. 3
Traders will watch closely to see if copper can maintain the strong rally it showed late Thursday, and how fast physical buyers pull back at these prices. For FCX, the focus isn’t just on today’s numbers but on the metal’s ability to stay supported over time.
But some desks are uneasy about the pace, fearing a snapback if liquidity dries up and the trade gets overcrowded. Dan Smith of Commodity Market Analytics described the volatility as “brutal to try and trade.” Marex strategist Alastair Munro flagged the Lunar New Year break as a possible trigger; Shanghai Futures Exchange copper won’t have an evening session on Feb. 13 and will stay closed until Feb. 24. 4
