Copper Surges to Record High, Freeport-McMoRan Shares Soar
Freeport-McMoRan (NYSE: FCX) shares surged on Tuesday after LME three-month copper touched an intraday all-time high of $14,694 per ton, surpassing the previous record of $14,527.50 set in January 2026.
According to Freeport's management sensitivity model, each 10-cent rise in the copper price is worth approximately $390 million in annual EBITDA, making Tuesday's record-setting session a material earnings event in real time.
The rally is being fueled by a convergence of structural and tactical pressures on supply. US-bound metal flows have accelerated ahead of possible tariff action, pulling copper inventories out of global warehouses and into American ports.
Chile, the world's dominant producer, reported its weakest second-quarter output in at least 19 years and has now cut its full-year production forecast for a second consecutive quarter, projecting a 2.6% annual decline.