New York, Jan 6, 2026, 15:21 EST — Regular session
- Freeport-McMoRan shares rose with copper at fresh record highs above $13,000 a metric ton.
- The move extended a sharp run that pushed the stock to new highs in the prior session.
- Traders are watching copper inventories, tariff signals and Freeport’s next earnings update later this month.
Freeport-McMoRan (FCX.N) shares were up 2.9% at $55.97 in afternoon trading on Tuesday, tracking a renewed surge in copper prices to record highs. Benchmark copper on the London Metal Exchange hit a fresh intraday record, keeping miners bid.
The copper rally is putting the spotlight back on miners as investors position for tighter supply and strong end-demand in power and construction, where the metal is a key input. For equity traders, Freeport often serves as a direct read-through on the copper tape because moves in the commodity can quickly reshape cash-flow expectations.
On Monday, copper set new highs above $13,000 a metric ton as traders priced in supply risks and the cost of bringing new mines online, according to a Reuters analysis. “Copper prices need to rise further to persuade miners to generate significant new production,” SP Angel analyst John Meyer said, while Concord Resources research director Duncan Hobbs described the rally as a security-of-supply trade; Macquarie analyst Alice Fox argued “the fundamentals of the market do not justify current prices.” Reuters
Freeport’s stock rose 4.8% on Monday to close at $54.41, its second straight gain, and set a new 52-week high during the session, MarketWatch data showed. Volume was 26.7 million shares, well above its 50-day average, as buyers chased the metal-driven move.
Technically, the shares are now trading near the top of their 52-week range, with the company’s quote page showing a 52-week high of $57.12 and a 52-week low of $27.66. The stock’s quick climb has left little room for error if copper cools or risk appetite fades.
Peers moved in step on Tuesday. Southern Copper (SCCO.N) rose 3.3% and Teck Resources (TECK.N) gained 2.6%, while the Global X Copper Miners ETF (COPX) added about 2.0%.
What traders watch next is whether the price spike draws fresh scrap supply or triggers hedging from producers, which can cap upside in the near term. Any shift in flows into and out of exchange warehouses will be read as a stress test for the “tight market” narrative.
But the same speed that lifted the stock can work the other way. If copper’s rally proves driven more by positioning than by end-demand, miners can retrace quickly, and equities can amplify the move.
The next scheduled catalyst is Freeport’s quarterly results, with Nasdaq’s earnings calendar flagging Jan. 22 as the expected report date. Until then, copper’s price action — and any headlines around U.S. trade policy affecting metals — is likely to stay in the driver’s seat.
