NEW YORK, Dec. 27, 2025, 11:13 a.m. ET — Market closed (weekend)
Freeport-McMoRan, Inc. (NYSE: FCX) heads into the final week of 2025 with momentum on its side after a powerful metals rally pushed copper to fresh records and sent the mining heavyweight to a new 52-week high during Friday’s post-Christmas session. With U.S. markets closed for the weekend, investors are now focused on whether copper’s breakout can extend into Monday’s regular session—and how macro headlines out of China and the U.S. could shape the next move.
FCX ended Friday at $53.04, up $1.12 (+2.16%), after trading as high as $53.77, which also marked its 52-week high (52-week low: $27.66), according to the company’s quoted NYSE data. [1]
Why Freeport-McMoRan stock surged: copper hit new records
The main driver behind Friday’s strength in Freeport-McMoRan stock was copper itself. Copper prices surged to new records as traders weighed tight supply conditions, tariff-related uncertainty, and rising demand expectations tied to electrification and power-hungry AI infrastructure. [2]
Barron’s reported that Comex copper hit $5.857 per pound on Friday, up about 5% on the session, and up 45% for 2025, with Shanghai copper futures pressing close to 100,000 yuan per ton. Barron’s also noted FCX was in an 11-day winning streak during the move. [3]
Separate market coverage also underscored the global scope of the rally: copper surged to a record in Shanghai while Comex copper climbed above $5.70 per pound in New York in Friday trading, as investors priced in a potentially tighter 2026 supply picture and a weaker U.S. dollar. [4]
Market backdrop: a thin, post-holiday session amplified moves
Friday’s broader tape was quiet, with Wall Street drifting slightly lower in light, post-holiday trading—conditions that can sometimes magnify commodity-linked swings. Reuters described the session as subdued with limited catalysts, while still framing the period as part of the seasonal “Santa Claus rally” window. [5]
That low-volume environment matters for FCX because the stock is highly sensitive to copper’s direction; when copper rips higher on a headline-driven move, miners can gap quickly—especially when liquidity is thin.
A key caution flag: China demand risk is back in the conversation
Even as the copper tape has been bullish, some economists and strategists are warning that China’s demand trajectory remains a major swing factor for 2026.
On Saturday, Reuters reported that China’s industrial profits fell 13.1% year-over-year in November, the sharpest drop in more than a year, as weak domestic demand offset export resilience. The report quoted Xu Tianchen, senior economist at the Economist Intelligence Unit, saying the fourth-quarter cooling is “mainly due to the drag from soft domestic demand.” [6]
Barron’s likewise highlighted the risk of a demand fade next year, citing Capital Economics’ David Oxley, who warned that waning Chinese demand in 2026 could eventually pressure the copper cycle, even as near-term supply disruptions keep the market tight. [7]
Supply tightness and the “AI copper trade”: what analysts are watching
A Reuters deep dive earlier this month tied copper’s run toward $12,000/ton levels to a collision between structural power demand (including data centers) and constrained supply—an environment that tends to benefit large, liquid copper equities like Freeport-McMoRan. [8]
Reuters quoted Daan de Jonge, an analyst at Benchmark Mineral Intelligence, on how investors are seeking exposure through copper-related assets: “Investors will buy copper-related assets such as ETFs.” Reuters also quoted Macquarie analyst Alice Fox, who said: “Bullish sentiment is being driven by the narrative around tight supply, supported by macro news flows.” [9]
Importantly for FCX, Reuters also referenced supply disruptions that have tightened the narrative, including an accident at Freeport’s Grasberg operations in Indonesia earlier this year. [10]
Forecasts and Wall Street calls: Wells Fargo lifts FCX target, but flags Grasberg risk
Recent brokerage action has added fuel to the FCX story. A market note sourced to LSEG/Thomson Reuters reported that Wells Fargo raised its price target on Freeport-McMoRan to $55 from $47 and reiterated an “overweight” rating, pointing to a brighter copper outlook and supply constraints that could keep the copper market tight into Q3 2026. [11]
But the same note also highlighted a critical operational and policy “watch item” for investors: the price-target hike “overlooks potentially light production at Grasberg mine, Indonesia, through 2026,” and it flagged potential trade-policy turbulence, including a possible U.S. decision on copper import tariffs in mid-2026. [12]
In other words: the copper bull case is strong, but FCX’s own production cadence—especially out of Grasberg—still matters to how much of the copper upside flows into earnings and cash returns.
A more cautious copper view for 2026: Goldman Sachs sees a range trade next year
Not all outlooks are uniformly bullish into 2026. In a Dec. 11 research note shared publicly, Goldman Sachs Research analyst Eoin Dinsmore said the team expects copper prices to decline somewhat from record highs in 2026, with the LME copper price expected to remain in a $10,000–$11,000 range as demand growth competes with a market that remains in surplus. Goldman’s team projected the global copper market would end 2025 in a 500 kt surplus and 2026 in a smaller 160 kt surplus, arguing that these balances would likely prevent prices from staying above $11,000 for extended periods next year. [13]
Goldman also noted tariffs remain a key wild card, writing that the U.S. commerce secretary is expected to make a recommendation on copper tariffs by June 2026 (and possibly sooner), and that flows into the U.S. could accelerate if importers front-run potential levies. [14]
Investor calendar: dividend details and the next earnings window
Freeport recently confirmed its shareholder return framework remains active. In a Dec. 17 release carried by Nasdaq/Business Wire, Freeport said its board declared total quarterly cash dividends of $0.15 per share, including a $0.075 base dividend and a $0.075 variable dividend, payable Feb. 2, 2026 to shareholders of record Jan. 15, 2026. [15]
As for earnings, Freeport has not confirmed the next report date publicly in the sources reviewed here, but MarketBeat lists an estimated next earnings date of Thursday, Jan. 22, 2026 based on the company’s historical reporting cadence. Investors should treat that as a market estimate until the company confirms. [16]
Legal headlines in the past 48 hours: class action deadline reminders circulate
One more item showing up in the past 24–48 hours: multiple law firms have circulated notices about a securities class action tied to Freeport-McMoRan, including reminders of a Jan. 12, 2026 lead plaintiff deadline.
A Dec. 27 GlobeNewswire release from The Rosen Law Firm describes the alleged claims as relating to disclosures and safety issues connected to the Grasberg Block Cave mine and emphasizes the Jan. 12, 2026 deadline. [17]
A separate Dec. 25 notice from Faruqi & Faruqi, LLP also references the same Jan. 12, 2026 lead plaintiff deadline. [18]
These releases are attorney advertising and not company statements—but they can still create headline risk and are worth noting if you track sentiment catalysts.
What FCX investors should watch before the next session opens
With NYSE trading set to resume Monday, here are the biggest near-term variables for Freeport-McMoRan stock (FCX):
- Copper’s follow-through after the record print: FCX is trading like a high-beta copper proxy; if copper consolidates or reverses early in the week, miners can retrace quickly. [19]
- China macro signals: Saturday’s industrial profit drop is the kind of data point that can re-price “China demand” expectations—especially after a strong multi-week metals rally. [20]
- Year-end liquidity and Fed narrative: Reuters warned that light volumes and year-end portfolio adjustments can amplify moves, and it highlighted that Fed minutes are due Tuesday—a potential volatility trigger for the dollar and commodities. [21]
- Street framing of FCX upside vs. operational constraints: The Wells Fargo target hike is supportive, but the same note explicitly flagged Grasberg production and tariff policy as swing factors into 2026. [22]
- Calendar catalysts: Investors tracking income and positioning into 2026 will likely keep the Feb. 2 dividend payment and Jan. 15 record date on the radar. [23]
For now, the core story remains straightforward: FCX is riding copper’s breakout, and Monday’s setup hinges on whether the commodity can hold its latest gains while macro headlines—especially out of China—don’t undercut the demand narrative that has powered miners higher into year-end. [24]
References
1. investors.fcx.com, 2. www.barrons.com, 3. www.barrons.com, 4. theedgemalaysia.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.barrons.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.efxdata.com, 12. www.efxdata.com, 13. www.goldmansachs.com, 14. www.goldmansachs.com, 15. www.nasdaq.com, 16. www.marketbeat.com, 17. www.globenewswire.com, 18. www.newsfilecorp.com, 19. www.barrons.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.efxdata.com, 23. www.nasdaq.com, 24. www.barrons.com
