White House Tariff Delay Triggers 8% Plunge in Freeport-McMoRan Shares

Shares of Freeport-McMoRan (FCX) plummeted nearly 8% in early trading, dragging down the entire copper mining sector. The decline comes after a report that the White House has not yet decided whether to impose tariffs on refined copper.

The catalyst for the selloff was the uncertainty surrounding the tariffs, which had previously driven up copper prices and fueled the rally in copper mining stocks. Freeport-McMoRan is particularly sensitive to copper price swings due to its role as the largest U.S. copper producer and its ongoing operational challenges at its Grasberg mine in Indonesia.

The Global X Copper Miners ETF (COPX) also fell 7%, with its three largest holdings, Freeport-McMoRan, Teck Resources (TECK), and Southern Copper (SCCO), leading the decline. The fund's structure, which holds these companies at significant weights, amplifies their correlation and makes COPX a clean read on the broader copper theme.

The sector's year-to-date gains remain substantial, with Freeport-McMoRan up 40%, Southern Copper up 42%, and Teck Resources up 36%. The key signal for investors now is whether copper prices can stabilize or continue to slide during the LME afternoon pricing session.