New York, February 3, 2026, 15:19 (EST) — Regular session
Shares of Freeport-McMoRan jumped in afternoon trading on Tuesday, extending a sharp swing in copper miners. The stock was up 5.8% at $64.28. It traded between $62.63 and $64.96 on volume of about 25 million shares.
Copper was up 4.1% at $13,423 a metric ton in early trade after China signaled it wants more copper in state stockpiles, according to a senior industry official. Strategic reserves are government-held inventories that can be released to smooth supply disruptions. The country will expand its strategic copper reserves and work with state-owned producers to build commercial inventories, said Duan Shaofu of the China Nonferrous Metals Industry Association.
That push lands as the United States and other countries talk tougher about “critical minerals” supply chains. Doug Burgum said President Donald Trump launched Project Vault on Monday, a strategic minerals stockpile backed by a $10 billion loan from the U.S. Export-Import Bank and nearly $2 billion in private capital. Reuters
The move hit much of the copper complex. Southern Copper rose 11.1%, while Teck Resources gained 7.4%; BHP was up 4.3% and Rio Tinto added 3.8%. The Global X Copper Miners ETF climbed 5.6%.
It was not just copper. Gold surged more than 5% and silver about 11% as investors returned after a steep selloff tied to the nomination of Kevin Warsh as the next chair of the Federal Reserve. “But we may not be out of the woods yet,” said Brian Madden, chief investment officer at First Avenue Investment Counsel. Reuters
The mood can flip quickly. Commodities slumped on Monday as investors unwound gold and silver trades after CME Group said it would raise margin requirements — the cash traders must post to hold futures positions — and oil fell on signs of easing U.S.-Iran tensions. Benchmark copper on the London Metal Exchange slid 4%, and analysts flagged high inventories and weak demand ahead of China’s Lunar New Year holiday, which starts Feb. 15. “A stronger U.S. dollar is also adding pressure on precious metals and other commodities,” said Vivek Dhar at Commonwealth Bank of Australia. Reuters
But the copper rally has its own limits. A Reuters poll of base-metals analysts points to copper as a top pick for 2026, yet many see January’s explosive run — when London Metal Exchange copper hit an all-time high of $14,527.50 a ton — as unsustainable. The column warned that if prices rise too high too fast, manufacturers can delay buying or use less metal.
Freeport-McMoRan is an international metals company focused on copper, with reserves of copper, gold and molybdenum, according to a Reuters company profile. It operates mines and processing assets in North and South America and Indonesia, and runs rod and refining operations.
For traders, the next test is macro. The week includes central bank meetings at the Reserve Bank of Australia, European Central Bank and Bank of England, and the main event is the U.S. non-farm payrolls report due on Friday, Feb. 6.
