New York, Jan 14, 2026, 14:27 EST — Regular session
- Freeport-McMoRan (NYSE:FCX) climbed roughly 2% after copper hit a fresh record in London
- Traders debate if steep prices will finally slow down “real” industrial purchasing
- FCX has a quarterly conference call scheduled for Jan. 22, with a dividend record date coming up on Jan. 15.
Freeport-McMoRan shares climbed roughly 2% Wednesday afternoon, boosted by another jump in copper prices that kept the miner close to its yearly peak. The stock hit $60.50, up 1.9%, and briefly touched $61.13 earlier in the session.
This matters because FCX has turned into a fast route for equity investors betting on copper, a metal now behaving less like a basic industrial commodity and more like a scarce financial asset. Each additional dollar in copper prices can swiftly reshape profit calculations for miners sitting on large, long-term copper deposits.
Copper’s rally seemed to run thin as it touched fresh highs. The benchmark three-month copper contract on the London Metal Exchange briefly surged to a record $13,407 a metric ton before pulling back, with some investors worried that soaring prices could curb demand. “There’s a limit in industrial metals where we hit a wall,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. 1
Tariffs and positioning are driving much of the current market chatter. A Reuters column noted that looming U.S. import tariffs on copper have already altered trade flows and attracted speculative capital to base metals, with a ruling due in June. The piece also highlighted record volumes on the London Metal Exchange last year, as funds returned aggressively to the space. 2
Other copper-related stocks edged higher as the metal returned to the spotlight. Southern Copper’s shares on the U.S. market climbed roughly 1.7%, reaching a record peak, per Investing.com. 3
Freeport faces its next major test soon. The company will hold its fourth-quarter 2025 earnings call on Jan. 22 at 10:00 a.m. ET. Investors will be watching closely for updates on sales volumes, unit costs, and any revisions to 2026 forecasts amid the recent copper price rally. 4
A calendar trade is also in play. Freeport’s board had already announced total cash dividends of $0.15 per share, set to be paid Feb. 2 to shareholders on record as of Jan. 15. The payout is divided into a base amount and a variable component under its established framework. 5
But the situation is double-edged. Copper has climbed to levels where any retreat in physical demand—or a wider market “risk-off” shift—could swiftly drag down the metal and mining stocks. That impact would be sharper if speculative investors also start pulling out simultaneously.
Investors are eyeing if copper can stay close to record highs ahead of Freeport’s update on Jan. 22, and if the company’s management echoes the market’s elevated copper prices.
