New York, January 16, 2026, 15:22 EST — during regular trading hours
- Shares of Freeport-McMoRan slipped almost 2% in afternoon trading amid a pullback in copper-related miners
- Copper surged past $13,000 a ton this week, yet concerns over demand from China have resurfaced
- Attention shifts to Freeport’s quarterly update on Jan. 22 and the tariff ruling due in June
Freeport-McMoRan shares dropped almost 2%, closing Friday afternoon at $58.78, down $1.18. Trading volume hit roughly 15.5 million shares.
The move is significant because FCX has been moving like a copper proxy during a period when the metal’s price is driven by policy risks and positioning rather than daily demand shifts. Copper recently climbed above $13,000 a metric ton, Reuters Breakingviews reported, as traders hoarded in anticipation of possible U.S. tariffs and supply disruptions affected producers.
Friday saw a more cautious tone take hold. A Reuters report highlighted worries over softening demand from China, the world’s biggest consumer, pushing copper prices down and weighing on European mining stocks.
Pressure wasn’t limited to Freeport in U.S. trading. Southern Copper slipped nearly 1%, Rio Tinto’s U.S. shares dipped around 1.2%, BHP edged down 1.7%, and Teck Resources took a hit, falling over 3%.
The demand narrative is far from dead. On Thursday, Rio Tinto announced it will provide copper leached from an Arizona mine to Amazon, intended for AI data center use. Reuters also noted that Freeport has employed leaching—a process that uses solutions and bacteria to extract copper from ore—for years, producing about 300 million pounds last year and aiming for 800 million pounds annually by 2030.
Policy is another factor at play. A Reuters metals column this week reported copper is being diverted from the global supply chain and sent to the U.S., as traders wager on a potential tariff targeting refined metal imports, with a ruling expected in June.
Freeport, headquartered in Phoenix, stands as the largest U.S. copper producer with significant assets across North America, South America, and Indonesia. Given copper’s vital role in power grids and industrial wiring, the stock often reacts sharply to shifts in the metal’s price.
Shares surged through mid-month, with Freeport hitting a 52-week peak of $60.35 on Wednesday, according to MarketWatch data, before slipping slightly.
But there’s a caveat. Goldman Sachs told MarketWatch that a big chunk of copper’s rally is likely priced in, and the risk of a pullback is growing — a warning that usually pops up when speculative bets pile up.
Freeport is gearing up for its next key update—its fourth-quarter 2025 conference call is set for Jan. 22 at 10 a.m. ET, according to the company’s investor site.
U.S. markets will be shut Monday for Martin Luther King Jr. Day, a move that often slims trading volumes going into the week. For FCX, the spotlight shifts to Jan. 22 as the next major catalyst. Investors will also watch copper prices closely, along with any developments from Washington, as the tariff deadline approaches in June.
