Freeport-McMoRan Plunges After Copper Tariff Uncertainty

Freeport-McMoRan's stock took a hit on Thursday after a Reuters report suggested that the White House had not yet made a decision on refined copper tariffs.

The U.S. is weighing concerns over rising prices and the need for more domestic mining and stockpiling of critical minerals, but an announcement has been expected on whether to impose a 15% tariff on copper cathode, starting in January 2027 and potentially increasing to 30% in 2028.

Goldman Sachs analyst Nick Cash believes the market's response was an 'overreaction' as the report provided no new information on tariffs, and instead merely acknowledged the ongoing uncertainty.