Freeport-McMoRan Surges to New Highs Amid Copper Rally

Freeport-McMoRan Inc.'s stock has surged to new highs in August 2026, reaching $76.66 after a 7.64% single-session gain on August 22.

The move is driven by the company's strong Q2 2026 earnings and a tightening outlook for global copper supply, which is feeding through to the bottom line.

Investors are using Freeport-McMoRan as a direct way to trade copper's rally, with several major banks lifting their price targets on the stock in response to the earnings strength and copper outlook.

The company's Q2 2026 report showed adjusted earnings per share of $0.74, beating a consensus estimate of $0.62, while revenue reached $7.03 billion against expectations of $6.75 billion.