Freeport-McMoRan, Inc. (NYSE: FCX) is heading into Christmas Eve trading with strong momentum after a risk-on session for U.S. equities and a major new milestone for copper prices—two themes that matter disproportionately for the largest U.S.-listed copper producer.
By the end of regular trading on Tuesday, Dec. 23, 2025, FCX finished higher and then ticked up again in after-hours trading, as investors weighed (1) record copper prices, (2) a notable Wells Fargo price-target increase, and (3) a market backdrop still supportive of cyclicals—despite hotter growth data that nudged yields higher.
Below is a detailed, publication-ready recap of what moved FCX after the bell and what to watch before U.S. markets open Wednesday, Dec. 24, 2025 (a shortened session).
FCX stock after the bell: where shares closed and where they traded late
Freeport-McMoRan shares ended the regular session at $51.90, up $1.26 (+2.49%) on the day, on volume of about 14.1 million shares, after trading between $50.99 and an intraday high of $52.29 (also marked as the stock’s 52-week high). [1]
In after-hours trading, FCX was modestly higher, last showing $52.08 (about +0.35% from the regular-session close) in a delayed quote shortly after 5 p.m. ET. [2]
Context matters: this is the kind of move that often reflects macro/commodity headlines rather than a sudden company-specific disclosure—especially in a holiday-thinned tape.
Why FCX moved Tuesday: record copper + a fresh Wall Street target hike
1) Copper pushed into uncharted territory
Copper prices vaulted to a fresh record above $12,000 per tonne, driven by a mix of supply worries and tariff-related uncertainty. [3]
That matters because FCX’s earnings power is highly sensitive to copper pricing—especially when a move is big enough to reset investor expectations for realizations, cash flow, and variable shareholder returns.
Reuters specifically linked Freeport’s rally to copper touching a record and to the analyst action described below. [4]
2) Wells Fargo lifted its FCX target to $55
Among the day’s most-circulated notes: Wells Fargo raised its price target on Freeport-McMoRan to $55 from $47 and maintained an Overweight rating, citing expectations that supply constraints could support metals prices into 2026. [5]
That kind of target move tends to amplify a commodity-driven rally because it gives generalist investors a simple “so what?” translation: higher copper can plausibly mean higher equity value—at least in the near to medium term.
The bigger story is copper: what today’s record means for FCX investors
Copper’s record run isn’t happening in a vacuum. Multiple outlets tied the move to:
- Tariff concerns (including renewed discussion around U.S. trade measures that could alter flows and tighten supply outside the U.S.). [6]
- Mine disruptions / supply tightness, which the market has increasingly treated as structural rather than temporary. [7]
- China support measures and a weaker U.S. dollar, both of which can bolster commodity pricing. [8]
Copper is also on track for one of its strongest years in a long time: the Financial Times pegged copper’s 2025 gain at about 37%, its best annual performance since 2009. [9]
For FCX, that backdrop tends to do three things:
- Raises the “base case” narrative for cash generation (even if spot doesn’t stay at record levels).
- Improves sentiment on long-duration copper optionality (future projects, expansions, and brownfield growth).
- Re-focuses investors on supply constraints, which can keep volatility elevated but can also keep miners “in play” for momentum capital.
Market backdrop: stocks hit records, but growth data shifted rate-cut expectations
FCX’s move also came on a day when the S&P 500 set a record close and growth stocks outperformed. [10]
One headline that mattered for rates and the dollar: the U.S. Commerce Department reported Q3 GDP growth of 4.3% (annualized), above expectations in Reuters’ survey—data that helped push yields higher and led markets to price a smaller chance of a January Fed rate cut. [11]
Why this matters for FCX tomorrow:
- Higher yields can pressure valuations broadly.
- But strong growth can be supportive for cyclicals and industrial demand narratives.
- A weaker dollar (if it persists) can act as an additional tailwind for dollar-priced commodities. [12]
Forecasts and analyst expectations: what “the Street” is implying right now
Today’s Wells Fargo move is only one datapoint. The broader forecast picture is mixed depending on the source and methodology:
- MarketWatch’s analyst compilation recently showed an average target around the low-$50s (near current levels) with an overall “Overweight”-type consensus framing. [13]
- MarketBeat’s consensus (based on its tracked analyst set) has recently shown an average target below the current stock price, implying limited downside/upside depending on the day’s close and timing. [14]
Meanwhile, at least one earnings-focused note circulating today flagged earnings estimate adjustments: MarketBeat reported that Zacks Research lowered its Q4 2025 EPS estimate (from $0.23 to $0.21 in that report). [15]
How to interpret these signals going into the open:
- Price-target hikes often lag the commodity move; they can be a “catch-up” rather than a fresh discovery.
- EPS estimate tweaks can matter more as earnings approach, particularly if analysts are debating the balance between higher realized prices and operational constraints.
Company fundamentals to keep in view: Grasberg restart plans and the dividend framework
Even on a day dominated by copper, FCX’s company-specific fundamentals still shape how investors model “how much of copper’s upside” translates into earnings and free cash flow.
Grasberg restart and production outlook
In a Nov. 18, 2025 update, Freeport laid out plans to restore large-scale production in Indonesia’s Grasberg minerals district, including a phased restart and ramp-up of the Grasberg Block Cave beginning in Q2 2026 (per the release). The company also provided production expectations for coming years. [16]
This is important because one of the key debates around FCX into 2026 is the tug-of-war between:
- Higher copper prices (supportive), and
- Operational/production variability (which can mute near-term leverage to price).
Dividend: base + variable payout structure
Freeport’s board recently declared $0.15 per share in quarterly cash dividends, consisting of a $0.075 base plus a $0.075 variable dividend under its performance-based framework. The dividend is payable Feb. 2, 2026 to shareholders of record Jan. 15, 2026 (per the company). [17]
Why that matters for “tomorrow’s open” thinking:
- When copper rips, investors often quickly ask whether upside could later show up in variable dividends—even if the board’s decision remains discretionary.
What to know before the U.S. market opens Wednesday, Dec. 24, 2025
1) Wednesday is a shortened trading day
This is critical for execution and volatility.
- NYSE says markets close early at 1:00 p.m. ET on Wednesday, Dec. 24, 2025, and notes modified late-session hours. [18]
- Nasdaq’s 2025 trading calendar also lists an early close at 1:00 p.m. on Dec. 24, with markets closed Dec. 25. [19]
- Reuters similarly highlighted the early close and holiday shutdown, noting thin holiday volumes. [20]
Practical takeaway: with less time and typically thinner liquidity, moves can look bigger and spreads can widen—especially in premarket and late morning.
2) Watch copper and the dollar overnight
Because Tuesday’s FCX move was so tightly tied to copper headlines, the most direct “tell” for Wednesday’s open is whether copper:
- Holds above key psychological levels (like $12,000/ton on LME benchmarks), or
- Pulls back as traders take profits into a holiday-shortened session. [21]
Also watch the U.S. dollar, which multiple reports tied to broader market expectations around 2026 easing and which can mechanically affect commodity pricing. [22]
3) Key scheduled U.S. data: initial jobless claims
A major scheduled data point highlighted for Wednesday, Dec. 24 is initial jobless claims (8:30 a.m. ET), per MarketWatch’s U.S. economic calendar listings for the week. [23]
Investopedia also flagged jobless claims as the key macro release for the shortened Christmas Eve session. [24]
For FCX specifically, jobless claims are not a direct driver—but any surprise that moves the dollar, rates, or broad risk appetite can spill into cyclicals and miners.
4) Levels traders will be watching in FCX
Without turning this into “trading advice,” here are the obvious reference points set Tuesday:
- $52.29: Tuesday’s intraday/52-week high (a natural “breakout” level). [25]
- $51.90: regular-session close (where bulls may want support to hold). [26]
- $50.99: Tuesday’s low (a near-term downside marker). [27]
If copper cools off overnight, traders often look for whether FCX can hold above prior closes rather than immediately testing new highs.
Other FCX headlines circulating late Tuesday
Separately from copper and analyst targets, law-firm deadline alerts related to earlier periods of trading activity continued to circulate (typical of many widely held stocks). These items can show up in news feeds after-hours, though they’re not necessarily explanatory for day-to-day price action. [28]
Bottom line for Dec. 24: FCX is being pulled by copper, and the clock is shorter
Freeport-McMoRan is going into Wednesday with:
- A fresh 52-week high print and a strong close, [29]
- A modest after-hours gain, [30]
- A powerful macro tailwind from record copper, [31]
- And a market structure constraint: Christmas Eve’s early close and thinning liquidity. [32]
If copper stays elevated and broader risk appetite holds, FCX could remain one of the cleaner “U.S.-listed copper beta” expressions into year-end. If copper retreats or liquidity dries up, expect choppier price discovery—especially around the open and after any 8:30 a.m. macro prints.
This article is for informational purposes only and is not investment advice.
References
1. investors.fcx.com, 2. www.marketwatch.com, 3. www.ft.com, 4. www.reuters.com, 5. www.tipranks.com, 6. www.ft.com, 7. www.ft.com, 8. www.ft.com, 9. www.ft.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.marketwatch.com, 14. www.marketbeat.com, 15. www.marketbeat.com, 16. s22.q4cdn.com, 17. s22.q4cdn.com, 18. www.nyse.com, 19. www.nasdaqtrader.com, 20. www.reuters.com, 21. www.ft.com, 22. www.reuters.com, 23. www.marketwatch.com, 24. www.investopedia.com, 25. investors.fcx.com, 26. investors.fcx.com, 27. investors.fcx.com, 28. www.globenewswire.com, 29. investors.fcx.com, 30. www.marketwatch.com, 31. www.ft.com, 32. www.nyse.com
