New York, January 14, 2026, 19:59 ET — After-hours
- FCX last traded around $60.35 in after-hours dealings, up about 1.8% on the day
- Copper touched another record on the LME before easing, keeping miners in focus
- Freeport’s Jan. 22 results are the next big test for whether the copper rally is feeding cash flow
Freeport-McMoRan Inc shares were last up about 1.8% at $60.35 in after-hours trading on Wednesday, after earlier touching $61.13. Volume in the session was about 19.7 million shares.
The copper miner has become a clean way for U.S. equity investors to lean into the metal’s run. When copper gets hot, FCX usually gets hotter.
Copper set a fresh record on Wednesday, but the tone wasn’t all euphoria. Benchmark three-month copper on the London Metal Exchange hit $13,407 a metric ton before easing, as traders weighed whether high prices start to curb real-world buying.
A Reuters Open Interest column tied part of the metals surge to trade policy and positioning, saying tariffs — and the threat of tariffs — have rerouted physical flows. It said copper is still being pulled into the United States ahead of a possible import levy, with a decision on copper tariffs due in June.
China’s latest trade data showed demand signals that cut both ways. December unwrought copper imports rose to 437,000 metric tons, up 2.3% from November, while steel exports hit a monthly record — a reminder that export demand is doing some of the lifting even as domestic construction stays patchy.
“This demand for hard assets is just sensational,” Ole Hansen, head of commodity strategy at Saxo Bank, said in a Reuters report, pointing to worries about financial risks and central bank credibility. He also warned there is a level where high prices can start to destroy industrial demand, even if it is hard to pin down in real time. (The Economic Times)
In the regular session, Freeport ended up 1.7% at $60.35, logging its fourth straight gain and a new 52-week closing high even as the S&P 500 fell 0.53%. Trading volume was above its 50-day average, MarketWatch data showed. (MarketWatch)
Freeport’s earnings torque still comes down to two levers: what it realizes for copper and how much it ships. The company also produces gold, but copper sets the tone for the equity most days.
The next checkpoint arrives fast. Freeport’s 4Q 2025 conference call is scheduled for Jan. 22 at 10:00 a.m. ET, and investors will listen for 2026 sales and cost guidance, plus any management read on demand at these prices. (Freeport-McMoRan Investors)
Dividend-focused investors also have a nearer date on the calendar. Freeport’s board declared a quarterly cash dividend of 15 cents a share, payable Feb. 2 to shareholders of record on Jan. 15, the company said in December. (Freeport-McMoRan Investors)
But the same momentum that is pushing copper — and FCX — can snap back. If high prices start to bite demand, or if the tariff narrative shifts, miners can unwind quickly and the stock often amplifies moves in the metal.
For now, traders will watch whether copper can hold above $13,000 and whether physical buyers show up as the price settles. Freeport’s quarterly results, due Jan. 22, are the next hard catalyst for FCX. (Nasdaq)
