NEW YORK, December 29, 2025, 12:13 ET — Regular session
- Freeport-McMoRan shares fell about 2% as copper prices pulled back in New York trading.
- Copper has swung sharply into year-end amid tariff uncertainty and supply disruptions.
- Other big miners, including Southern Copper and Rio Tinto, also traded lower.
Freeport-McMoRan shares fell about 2% on Monday, underperforming as copper futures pulled back from a sharp late-year run. The stock was down $1.07 at $51.97 at midday in New York.
The move matters because Freeport’s earnings and cash flow tend to track copper prices, leaving the stock sensitive to day-to-day swings in the red metal. With copper volatility elevated heading into year-end, investors have been quick to fade rallies and lock in gains.
Copper prices have been whipsawing as traders weigh supply disruptions and uncertainty over potential U.S. trade measures that could reshape where the metal is shipped and stored. That dynamic has kept pressure on copper-linked equities even when the longer-term narrative for electrification demand remains constructive. 1
In New York, copper was down about 3.5% at roughly $5.57 a pound, after a strong gain on Friday, according to market data and reports. 2
Mining.com said copper has been on track for its biggest annual gain since 2009, helped by mine outages and trade disruptions, while tariff risks have added to price swings between benchmarks. Benchmark Minerals copper analyst Albert Mackenzie summed up the demand backdrop: “Nearly everything the global economy wants to invest in is copper-intensive, including the energy transition and AI.” 1
The weakness was not limited to Freeport. Southern Copper fell about 2%, while Rio Tinto and BHP each slid a little more than 2%, and Teck Resources eased about 1%.
Broader risk sentiment also leaned negative, with major U.S. equity indexes trading lower at midday. 3
Freeport, based in Phoenix, is a major copper producer with operations spanning North America, South America and Indonesia, and it also produces gold and molybdenum. 3
Investors are now watching whether copper’s pullback deepens after the latest run-up, and whether any clearer signals emerge on the direction of U.S. tariff policy that could alter trade flows and inventories. Supply-side headlines from key producing regions also remain a fast-moving catalyst for the group.
On the company calendar, traders are looking ahead to Freeport’s next quarterly results for updated views on sales volumes, unit costs and capital spending plans. Nasdaq’s earnings calendar shows an estimated report date of Jan. 22, 2026, though the company has not confirmed a date. 4
Freeport shares traded between $51.19 and $53.01 on Monday, after closing at $53.04 on Friday.
