Freeport-McMoRan Surges on Renewed Copper Leverage Narrative

Freeport-McMoRan Inc. (FCX) shares rose 3.6% on September 2, 2026, as investors revisited the copper leverage story.

The company's strong second-quarter results, including adjusted earnings of $0.74 per share and a net income of $984 million, were likely bolstered by high realized copper prices averaging $6.17 per pound.

Freeport also reported that its consolidated copper sales beat April 2026 estimates, while unit net cash costs were favorable to prior guidance.

The Grasberg Block Cave underground mine ramp-up was progressing on schedule, supporting confidence in future production recovery.