NEW YORK, Dec. 28, 2025, 11:24 a.m. ET — Market Closed (Weekend)
Freeport-McMoRan, Inc. (NYSE: FCX) enters the final stretch of the year in the spotlight as copper’s late-December surge—driven by tight supply, tariff uncertainty, and AI-linked demand narratives—pushes the U.S. miner’s shares toward multi-month highs.
With U.S. equities closed for the weekend, investors are now sizing up what changed in the last 24–48 hours, what Wall Street forecasts say about copper and FCX, and what could move the stock when trading resumes Monday.
FCX stock today: where Freeport-McMoRan stands heading into Monday
Freeport-McMoRan shares last closed at $53.04 on Friday, Dec. 26, up 2.16% on the session. The stock also reached an intraday and 52-week high of $53.77, with Friday volume around 14.8 million shares, according to the company’s published NYSE quote data. [1]
That close capped a strong late-December run for FCX, which has increasingly traded like a high-beta proxy for copper prices—especially as investors crowd into “electrification” and “AI infrastructure” commodity winners near year-end.
The big driver: copper hits record levels and pulls miners higher
The key story in the last two sessions has been copper’s renewed break toward record pricing across major markets. Barron’s reported that copper futures in Shanghai surged to nearly 100,000 yuan per ton, while Comex copper traded around the mid-$5.80 per pound range in New York during Friday’s move—gains that extend copper’s powerful 2025 advance. [2]
Bloomberg similarly highlighted record pricing in China and strong gains on Comex, noting London Metal Exchange benchmark trading was set to reopen Monday following the Christmas break—an important detail for metals investors watching global price discovery into year-end. [3]
Copper’s volatility also showed up in derivatives activity: the Associated Press reported 69,848 copper futures contracts traded on Comex on Friday, with open interest at 268,638. [4]
Broader market context: light volume, metals leadership
Friday’s post-holiday session was quiet overall, with U.S. indexes drifting slightly lower on light trading volume. Still, miners outperformed as metals rallied. The AP noted Freeport-McMoRan gained about 2.2% amid strength in precious metals and broader materials-linked names. [5]
Investopedia likewise flagged FCX as one of the S&P 500’s better performers Friday as gold and silver futures hit fresh highs and commodities sentiment stayed constructive into the last three trading days of 2025. [6]
What analysts and forecasters are saying now
1) Wall Street price targets are moving higher—but not all in sync
A notable recent catalyst for the “FCX momentum” narrative came earlier this week when Wells Fargo analyst Timna Tanners raised her Freeport price target to $55 from $47 and reiterated an Overweight rating, according to a Benzinga report summarizing the call. The same report cited other recent Street moves including higher targets from UBS and J.P. Morgan, alongside some firms trimming targets or shifting stances amid volatility. [7]
It’s worth noting that after the rally into the low $50s, FCX is now trading near or above some consensus-style averages published by market-data aggregators—setting up a familiar tug-of-war between “price momentum” and “valuation discipline” as the stock approaches a fresh high-water mark. [8]
2) The copper outlook: tight supply, AI demand, and tariff dynamics
A Reuters deep dive earlier this month captured why copper’s rally has been so persistent—and why miners like Freeport keep benefiting from the narrative. Reuters cited Benchmark Mineral Intelligence analyst Daan de Jonge describing how investors seeking broad AI exposure can also flow into copper-linked assets, while emphasizing copper’s role in power grids, data centers, and electrification. [9]
Reuters also reported a survey of analysts forecasting the global copper market would show a deficit of 124,000 tons this year and 150,000 tons next year. [10]
On the macro side, Reuters cited Macquarie analyst Alice Fox on bullish sentiment being supported by a “tight supply” narrative reinforced by macro news flow. [11]
3) A key counterpoint: demand risk beyond the near term
Not every forecast is bullish. Barron’s cited Capital Economics’ David Oxley warning that a potential weakening in Chinese demand in 2026 could eventually pressure copper, even if near-term supply tightness remains a supportive force today. [12]
That push-pull matters for FCX investors because the stock’s recent strength has been tightly linked to expectations that elevated copper prices can persist long enough to expand earnings and cash flow beyond what older models assumed.
Company-specific items investors are watching
Dividend: performance-based payout is back in focus
Freeport’s most recent company news release (dated Dec. 17, 2025) announced quarterly cash dividends totaling $0.15 per share, payable Feb. 2, 2026, to shareholders of record as of Jan. 15, 2026. The company said the declared amount included a $0.075 base dividend and a $0.075 variable dividend under its performance-based payout framework. [13]
For income-oriented investors—and for traders who track catalysts into January—those dates can become part of the near-term setup as markets transition from year-end positioning into “new-year flows.”
Operations and longer-range growth: what the CEO has emphasized
In early December at the Reuters NEXT conference in New York, CEO Kathleen Quirk said Freeport is not relying on M&A for growth and is focused on developing existing assets. Reuters also reported Quirk’s expectation that Grasberg production could reach 90% capacity by mid-2026 and be fully back by end of 2027, following the September halt. [14]
Reuters further reported that Quirk highlighted a path for meaningful U.S. output growth through internal projects and new technology, including a goal of producing substantial copper outside traditional mining methods by the end of the decade. [15]
Fresh “last 24–48 hours” headlines directly involving FCX
Alongside the commodity-driven rally coverage, investors saw several FCX-specific items circulate in the past two days:
- A MarketBeat report (dated Dec. 28) highlighted an institutional holding update, saying DePrince Race & Zollo increased its stake in FCX during Q3 based on a 13F filing summary. [16]
- Barron’s and other market coverage emphasized FCX’s move toward a level “not seen since May 2024” alongside an extended winning streak as copper surged. [17]
- Multiple market wrap stories pointed out FCX as a notable gainer within the materials complex on Friday’s low-volume session. [18]
If you’re watching FCX for Monday: the checklist before the next session
Because the market is closed right now, the practical question becomes: what can change before Monday’s open that could move FCX quickly?
Here are the main variables investors will be monitoring into the next U.S. session:
- Copper futures direction into Monday
- Watch whether Comex copper holds the breakout zone and whether global benchmarks remain supported as broader market participation returns after the holiday period. [19]
- Liquidity and year-end positioning
- With only a few sessions left in 2025, price moves can be amplified by thinner liquidity and rebalancing—especially in commodity-sensitive names that have already had a sharp run. [20]
- Near-term narrative vs. 2026 risk debate
- Upcoming calendar items investors often anchor to
The setup: momentum is strong, but the bar is higher at new highs
Freeport-McMoRan is entering Monday’s session with clear momentum: a fresh 52-week high, commodity tailwinds, and a market narrative built around electrification and AI infrastructure that continues to attract capital. [25]
At the same time, the stock’s sensitivity to copper means investors should expect volatility: if copper consolidates—or if risk appetite fades as markets transition into January—FCX can shift quickly from leader to laggard. With the stock now sitting near peak levels, the next decisive move may come less from company-specific headlines and more from what copper does when global liquidity returns in full. [26]
References
1. investors.fcx.com, 2. www.barrons.com, 3. www.bloomberg.com, 4. apnews.com, 5. apnews.com, 6. www.investopedia.com, 7. www.benzinga.com, 8. www.marketwatch.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.barrons.com, 13. investors.fcx.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.marketbeat.com, 17. www.barrons.com, 18. www.investopedia.com, 19. www.barrons.com, 20. apnews.com, 21. www.reuters.com, 22. www.barrons.com, 23. investors.fcx.com, 24. www.nasdaq.com, 25. investors.fcx.com, 26. www.barrons.com
