New York, Jan 30, 2026, 11:34 EST — Regular session
- Freeport-McMoRan shares fell about 7% in late-morning trading in New York.
- Copper, gold, and silver tumbled from record peaks as investors cashed out amid a stronger dollar.
- Traders are watching copper closely as China’s Lunar New Year approaches on Feb. 16, while also tracking shifts in expectations for U.S. rate cuts.
Freeport-McMoRan shares fell about 7.1% Friday, sliding to $60.48 in late-morning trading in New York. Earlier in the session, the stock ranged from $59.40 up to $63.19.
Copper grabbed headlines this week as miners tracked every twist. On Thursday, the London Metal Exchange benchmark copper surged 11%, reaching a record $14,527.50 per metric ton. Traders said it was the largest one-day gain since 2008, fueled by short-covering and speculative buying. 1
Friday’s earlier rally reversed sharply. Copper, gold, and silver all tumbled as investors took profits, while the dollar remained steady after President Donald Trump appointed former Federal Reserve Governor Kevin Warsh to lead the central bank. “Generalist investors … are taking profits,” said Tom Price, analyst at Panmure Liberum. Ole Hansen of Saxo Bank called the recent surge “highly speculative” and “ripe for a correction.” 2
Comex copper in the U.S. hit a record close of $6.20 a pound on Thursday, after spiking to $6.583 earlier in the session, MarketWatch reports. The outlet also cautioned that surging margin requirements and wild daily price swings might quickly cool speculative demand. 3
Freeport’s fate is tied closely to copper prices. The miner said it aims to revive about 85% of output at its Grasberg mine in Indonesia in the second half of this year. It also trimmed its 2026 production forecast to 3.4 billion pounds. CEO Kathleen Quirk called the setback “humbling.” 4
The stock climbed late in the week, closing Wednesday at $63.63. That marked its fourth straight gain and pushed Freeport to a fresh 52-week high. Trading volume exceeded its 50-day average, MarketWatch data shows. 5
It’s not just U.S. miners under pressure. Canada’s flagship index slid more than 2% Friday, dragged down by materials stocks, Reuters said. The decline followed Trump’s announcement that Warsh will succeed Jerome Powell as Fed chair when his term ends in May. 6
The copper rally is hitting a timing snag as demand at these levels may not last, rattling the market. A Reuters poll released Thursday pushed the 2026 average copper price forecast up to $11,975 a ton. Yet, StoneX’s Natalie Scott-Gray cautioned that prices above $13,000 tend to be “unsustainable” and often lead to “sharp reversals.” 7
Freeport investors are watching closely to see if copper’s drop will continue or settle into a volatile range, as the dollar strengthens and rate cut expectations come back into play. The metals market hits a critical juncture ahead of China’s Lunar New Year on Feb. 16, a period when liquidity tends to evaporate and risk is quickly trimmed.
