Freeport-McMoRan Stock Climbs Ahead of Q3 Earnings

Freeport-McMoRan (FCX) closed at $72.04 on the NYSE on October 2, 2026, marking a 3.98% gain from the previous session. Investors are now looking ahead to the company's third-quarter results, scheduled for release on October 27, 2026, which will provide key insights into copper output and the recovery of the Grasberg mine.

The operational update on October 2 revealed that third-quarter consolidated copper production reached 830 million pounds, with gold production at 230,000 ounces. Copper sales are expected to hit 750 million pounds, while gold sales are projected at 100,000 ounces, partially affected by a deferral of 60,000 ounces of refined gold sales into the fourth quarter. The Grasberg mill processed an average of 140,000 metric tons of ore per day, with plans to achieve 80% capacity by mid-2027 and near-full capacity by the end of 2027.

The company's unit net cash costs for copper were 5% higher than the July estimate due to deferred gold sales. However, a realized copper price above $6.50 per pound for the quarter suggests a positive margin outlook. BMO Capital Markets raised its price target for Freeport-McMoRan from $78 to $85 on September 29, 2026, maintaining an Outperform rating. The consensus among analysts is a Moderate Buy, with an average target of $72.87, slightly above the current stock price.

As of October 2, 2026, Freeport-McMoRan's market capitalization stood at $103.6 billion, with a 52-week range of $38.54 to $80.24. The stock's performance and upcoming earnings report will be critical in determining its valuation moving forward.