New York, February 5, 2026, 15:34 ET — Regular session
- Shares of Freeport-McMoRan dropped almost 4% in afternoon trading, weighed down by copper slipping from last week’s peak levels.
- Copper stocks rose on key exchanges, adding to the strain on mining companies.
- Next week’s U.S. jobs report and new data on physical metal demand are drawing traders’ attention.
Shares of Freeport-McMoRan fell 3.8% to $59.48 Thursday afternoon, following a wider sell-off in copper-related stocks.
Copper prices slipped again as inventories grew in exchange-approved warehouses, where metal tied to futures trading is stored. By 1011 GMT, the London Metal Exchange’s benchmark three-month copper fell 0.7% to $12,950 a metric ton. The cash copper contract was trading at a $77-a-ton discount to the three-month forward, a setup that often signals weak near-term demand. SP Angel analyst John Meyer pointed out, “I think there’s no physical shortage of copper today because there’s a lot in the States.” He also noted that China’s state reserves might be releasing metal to calm the market after the recent price spike. Business Recorder
The broader commodities market took a hit as easing tensions between the U.S. and China, along with the U.S. and Iran, coupled with a stronger dollar, pushed investors away from hard assets, Reuters reported. OCBC strategist Christopher Wong summed it up: “Sentiment has turned soggy across most asset classes.” Investing.com
Pressure hit the copper sector hard. The Global X Copper Miners ETF tumbled 5.4%, with Rio Tinto off 4.9%, BHP down 3.9%, and Southern Copper slipping 2.8%.
Freeport’s latest move follows a strong rally earlier this week. On Tuesday, the stock surged 6.4% to close at $64.67, but it still hasn’t reclaimed its 52-week peak of $69.44, according to MarketWatch data.
Investors are also watching Freeport’s supply outlook closely. The miner exceeded fourth-quarter profit estimates last month, boosted by rising copper and gold prices despite production setbacks from its Grasberg mine disruption. It lowered its 2026 copper output forecast to 3.4 billion pounds but expects a phased restart in Q2, aiming for full production by July.
That said, the near-term outlook remains mixed. Should exchange stocks continue climbing and the curve stay in contango — meaning cash copper trades below forward copper — it points to ample supply and sluggish spot demand. That scenario usually hits miners with significant copper exposure hard.
U.S. traders are weighing fresh labor data that could shift the dollar and risk appetite. Weekly jobless claims rose by 22,000 to 231,000 last week, marking the highest level in two months, according to the Associated Press.
Markets now turn to the U.S. Employment Situation report for January, set for release on Feb. 11 at 8:30 a.m. ET. Investors will look for signals on economic growth and interest-rate trends that could sway the dollar and, in turn, metals prices.
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