New York, January 5, 2026, 21:34 EST — Market closed
- Freeport-McMoRan closed up nearly 5% on Monday, tracking a fresh record in U.S. copper futures.
- Copper’s surge has refocused traders on supply disruptions, tariff risk and inventory positioning.
- The next tests include U.S. labor data later this week and Freeport’s expected earnings window later this month.
Freeport-McMoRan shares ended Monday up 4.8% at $54.41, after U.S. copper prices set their first record since a summer tariff-driven spike. 1
The move matters because Freeport’s earnings power is heavily tied to copper, a metal used in power grids, electric vehicles and data centers. When copper rises, miners’ realized prices typically improve faster than many costs, lifting margins.
Copper prices vaulted to records above $13,000 a metric ton on Monday as investors weighed supply tightness and a new layer of geopolitical and trade uncertainty, Reuters reported. “Copper prices need to rise further to persuade miners to generate significant new production,” SP Angel analyst John Meyer said. 2
Freeport’s stock is now pressing the top of its 52-week range, with the high near $54.45, after a run that has also lifted trading volumes back toward their recent daily average, according to Investing.com data. 3
The rally also came on a firm day for risk assets, with miners catching a bid alongside broader U.S. equities, MarketWatch reported. 4
Macro data later this week could swing the dollar, growth expectations and industrial metals. The Labor Department’s calendar shows the Job Openings and Labor Turnover Survey due Wednesday and the monthly U.S. jobs report due Friday, followed by inflation data next week. 5
Company-watchers are also looking ahead to Freeport’s quarterly results, with the stock’s next earnings date estimated for Jan. 22, though the company has not confirmed it. 6
Income-focused investors have a nearer date circled as well: Freeport’s board declared a $0.15 per share quarterly cash dividend payable Feb. 2 to shareholders of record on Jan. 15, the company said in December. 7
But the trade is increasingly sensitive to copper’s next leg. A pullback in the metal after a record run — or fresh policy headlines that hit demand expectations — would test whether Freeport’s breakout can hold near recent highs.
Traders will be watching copper’s follow-through into Tuesday’s session and Friday’s U.S. employment report for direction, before focus shifts to Freeport’s expected earnings window around Jan. 22.
