FCX Shares Surge 20% in Six Months on Strong Earnings
Freeport-McMoRan Inc.'s (FCX) shares have risen 20% in six months, driven by strong earnings supported by higher copper prices. Although sales volumes were lower, significantly higher realized copper prices boosted the company's second-quarter earnings.
The red metal's price has surged to an all-time high near $6.9 per pound recently due to tariff-related uncertainties and supply tightness. Imports to the United States have surged ahead of a potential tariff announcement by the Trump administration. Copper prices are currently hovering near $6.5 per pound and up more than 40% year over year.
Freeport's average realized copper price climbed around 36% year over year to $6.17 per pound in the second quarter. Higher prices are expected to continue to support its performance, driven by robust demand from China and the United States.