New York, Jan 30, 2026, 11:34 EST — Regular session
- Shares of Freeport-McMoRan dropped roughly 7% during late-morning trading in New York.
- Copper, gold, and silver dropped sharply from record highs as investors took profits and the dollar strengthened.
- Traders are keeping an eye on copper ahead of China’s Lunar New Year holiday on Feb. 16, along with any changes in bets on U.S. rate cuts.
Freeport-McMoRan shares dropped roughly 7.1% on Friday, hitting $60.48 in late-morning New York trading. So far, the stock has fluctuated between $59.40 and $63.19 during the session.
Copper stole the spotlight this week, with miners following every move closely. On Thursday, benchmark copper on the London Metal Exchange soared 11%, hitting a record $14,527.50 a metric ton. That marked the biggest single-day jump since 2008, driven by short-covering and speculative buying, according to traders. (Reuters)
Friday saw that earlier rally flip sharply. Copper, gold, and silver all plunged as investors cashed out, with the dollar holding firm after U.S. President Donald Trump named former Federal Reserve Governor Kevin Warsh to head the central bank. “Generalist investors … are taking profits,” said Tom Price, an analyst at Panmure Liberum. Saxo Bank’s Ole Hansen described the recent spike as “highly speculative” and “ripe for a correction.” (Reuters)
Comex copper in the U.S. closed Thursday at a record $6.20 a pound, having surged to $6.583 during the session, according to MarketWatch. The report also warned that rising margin requirements and volatile daily price swings could swiftly dampen speculative interest. (MarketWatch)
Freeport’s fortunes hinge heavily on copper prices. The company reported it plans to restore roughly 85% of output at its Grasberg mine in Indonesia during the second half of the year. It also lowered its 2026 production forecast to 3.4 billion pounds. CEO Kathleen Quirk described the setback as “humbling.” (Reuters)
The stock pushed higher late in the week. Freeport ended Wednesday at $63.63, marking its fourth consecutive gain and hitting a new 52-week peak. Trading volume topped its 50-day average, according to MarketWatch data. (MarketWatch)
U.S. miners aren’t the only ones feeling the squeeze. Canada’s main index fell over 2% on Friday as materials stocks took a hit, Reuters reported. The drop came after Trump tapped Warsh to replace Jerome Powell when his term expires in May. (Reuters)
The copper bull run faces a timing snag: demand at current levels might not hold, and the market is jittery. A Reuters poll out Thursday raised the 2026 average copper price forecast to $11,975 a ton. Still, StoneX’s Natalie Scott-Gray warned that prices above $13,000 are “unsustainable” and often trigger “sharp reversals.” (Reuters)
Freeport investors are eyeing whether copper’s decline will extend or stabilize in a choppy range, as the dollar and bets on rate cuts regain control. The metals market faces a key moment approaching China’s Lunar New Year on Feb. 16, when liquidity often dries up and risk is quickly pared down.
