New York, February 2, 2026, 13:34 (EST) — Regular session
- Ivanhoe Electric shares surge during midday trading in New York
- Metals remain volatile, with copper sliding as investors digest new sector M&A activity
- Traders are focused on industry events coming up in late February and the next round of earnings reports
Shares of Ivanhoe Electric Inc climbed 5.8% to $18.08 in early afternoon trading in New York on Monday, after fluctuating between $16.50 and $18.74. The NYSE American-listed stock added $0.99, with about 1.7 million shares changing hands.
The move hit a turbulent metals market after commodities dropped amid worries that U.S. President Donald Trump’s nominee for Federal Reserve chair might keep interest rates elevated longer. London Metal Exchange copper plunged about 3% on Monday. Following the volatility, CME Group boosted margin requirements—the cash needed to hold futures positions—for metal contracts. “We see it as a correction and a buying opportunity rather than a fundamental shift,” said Commonwealth Bank of Australia commodities strategist Vivek Dhar. (Reuters)
Deal activity has returned to the copper sector. Eldorado Gold announced plans to acquire Foran Mining in a deal pegged at roughly C$3.8 billion ($2.79 billion), boosting its copper assets. “This transaction gives McIlvenna Bay the scale and financial strength to fully realize its potential,” Foran CEO Dan Myerson said. (Reuters)
In U.S. trading, major copper stocks held steady, though miner ETFs edged down. Freeport-McMoRan inched up around 0.1%, Southern Copper added about 0.2%. Meanwhile, the Global X Copper Miners ETF dropped roughly 0.9%, and the SPDR S&P Metals & Mining ETF lost close to 0.6%. The S&P 500 ETF SPY climbed approximately 0.6%.
Ivanhoe Electric pitches itself as a copper explorer with a tech twist. Its Typhoon geophysical surveying system and Computational Geosciences software aim to accelerate drilling decisions. Key assets include the Santa Cruz copper project in Arizona and Tintic in Utah. (Ivanhoe Electric Inc.)
The company’s market cap stands near $2.47 billion, with its stock price fluctuating between $4.50 and $21.55 in the last 12 months, according to MarketWatch data. (MarketWatch)
Ivanhoe Electric’s news page didn’t post any new press releases on Monday. That suggests the move is driven more by sentiment than by any new company data. (Ivanhoe Electric Inc.)
But the setup remains precarious. Ivanhoe Electric is still in the development phase, leaving investors vulnerable to drilling outcomes, permitting delays, and the financial burden of mine construction if copper prices dip or credit tightens.
Investors can expect opportunities to question management later this month. Ivanhoe Electric is set to appear at BMO’s Global Metals, Mining & Critical Minerals Conference in Florida from Feb. 22-25, followed by the PDAC Convention in Toronto from March 1-4. (Ivanhoe Electric Inc.)
An earnings update is coming up next. According to Zacks, the company’s next quarterly report is set for Feb. 26.
