Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. Freeport-McMoRan Inc. was incorporated in 1987 and is headquartered in Phoenix, Arizona.

Freeport-McMoRan looks like a high-quality cyclical asset, but no longer a cheap one, with strong operating results already partially reflected in the share price. Revenue, EBITDA, operating income, and net income remain high and have generally increased compared with weaker periods, which supports the company’s valuation. Net profit margin has improved, and operating margin remains at a very strong level and noticeably above the industry median, indicating good cost control and a strong market position. At the same time, gross margin has declined from previous periods, while ROE, ROA, and ROI remain below the industry median, so the quality of capital returns does not look outstanding. The P/E, P/S, P/B, and especially P/FCF multiples are significantly above industry benchmarks, indicating an elevated valuation and limiting the potential for further rerating. The balance sheet overall looks solid: debt/equity is low, debt has declined, and equity and assets are growing, which reduces financial risk. However, the quick ratio is below the median and has deteriorated versus previous periods, so short-term liquidity is not ideal despite a comfortable current ratio. Dividend yield has fallen noticeably compared with last year, removing part of the support for shareholder returns. Overall, the fundamentals are stronger than weaker, but the high valuation multiples and less-than-ideal profitability dynamics call for caution. For an investor, this means fair value may be only slightly below the current operational target, as much of the upside has already been realized. If copper prices hold and operating discipline remains stable, the company can maintain a premium to the sector, but without clear signs of significant undervaluation.

Freeport-McMoRan, Inc.

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Слабый индекс, значительно вырос. Рынок не поддерживает быков.

Weak index, significantly up. The market does not support the bulls.

Средний индекс, значительно упал. Увеличился отток средств из лонгов.

Medium index, significantly down. The outflow of funds from longs has increased.

Strong margins and profits, along with low debt, support FCX, but expensive multiples and weaker-than-industry ROE/ROA limit re-rating potential.

Key Points
Improving demand and the difficulties inherent in increasing supply favor a rising copper price environment.
Industry experts see a significant gap between demand and supply developing over time.
The case for copper and copper stocks like Freeport-McMoRan (NYSE: FCX) or a copper ETF like the Global X Copper Miners ETF (NYSEMKT: COPX) rests on the idea that demand will outstrip supply, putting upward pressure on the copper price. It's a strong argument for long-term investment in an industrial metal that's critical to the economy of the future. Here's why.
Demand will exceed supply.
According to an S&P Global report, "Copper in the Age of AI," copper demand will exceed the baseline supply, with a widening gap appearing after 2030. I've re-created a chart using the data. As you can see, copper supply is projected to start declining from about 2035, driven by pressures including:
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Declining ore grades
Rising costs for energy and labor
Mining complexity
Difficulty of acquiring permits amid environmental activist pressure
While it's not impossible that some of these pressures can be relieved or even removed, it makes sense not to bake in any assumptions that they will be until there's hard evidence they're happening.
Supply pressures
Increasing costs and declining ore grades, notably in the U.S. and Chile, are a constant feature of mining company presentations. For example, Freeport-McMoRan's CEO Kathleen Quirk recently told investors that some of its U.S. mines had "been around for over 100 years" and now had low grades, which forces the company to prioritize efficiency, including investments in automation and technologies such as its low-cost leaching initiative.
In addition, miners are using muon technology (cosmic rays from outer space) to better identify mining deposits,
Chile is the world's largest copper producer and accounts for almost a quarter of global production. The chart shows the deteriorating trend in the country's copper ore grades. This is something likely to create upward pressure on costs as well as potentially price some mining operations out of production, even as prices rise. It may also cause delays in investment as appraisals are made assuming declining ore grades.
Nonnegotiable copper demand?
Usually, when supply exceeds demand and prices rise, there's additional impetus to develop technological or other solutions that can improve supply. I've already mentioned Freeport-McMoRan's leaching initiative, which management believes could ultimately recover 800 million pounds of copper per annum from existing stockpiles, compared with its 2028 copper sales expectation of 4.1 billion pounds.
In addition, at least in theory, a high price could cause a substitution effect, leading to the use of alternative materials. Furthermore, it could also cause some demand destruction.
While these factors are highly likely to play a part, their impact might be muted, given that much of the projected demand for copper comes from sources that may prove non-negotiable.
The chart shows S&P Global's projections for copper demand; "energy transition & addition" includes transmission and distribution, renewable energy, and electric vehicles. Meanwhile, "AI & data centers" includes hyperscaler data centers, enterprise data centers, and robots.
The picture of incremental demand is better illustrated by this chart, which shows more than 60% of the incremental demand from 2024-2040 will come from AI and data centers and the energy transition. That demand might prove relatively inelastic.
A copper supply crunch coming?
Rising demand and pressure on supply imply a supply crunch, but history suggests technological improvements and the substitution effect will mitigate demand growth and improve supply. However, recent history also suggests permitting won't be easy, not least for greenfield sites, and that declining ore grades in mature copper mines in the U.S. and Chile are a real problem.
On balance, I'd rather be bullish than bearish on copper over the long term.
Should you buy stock in Freeport-McMoRan right now?
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4 Charts That Explain the Copper Supply Crunch Investors Should Watch

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Vanguard Materials ETF (Symbol: VAW) where we have detected an approximate $307.4 million dollar inflow -- that's a 10.7% increase week over week in outstanding units (from 12,960,421 to 14,344,651). Among the largest underlying components of VAW, in trading today Freeport-McMoran Copper & Gold (Symbol: FCX) is down about 3.9%, Sherwin-Williams Co (Symbol: SHW) is down about 1%, and Ecolab Inc (Symbol: ECL) is relatively unchanged. For a complete list of holdings, visit the VAW Holdings page » The chart below shows the one year price performance of VAW, versus its 200 day moving average:
Looking at the chart above, VAW's low point in its 52 week range is $190.29 per share, with $245.175 as the 52 week high point — that compares with a last trade of $219.64. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further VAW Research:

VAW, FCX, SHW, ECL: ETF Inflow Alert

Key Points
Freeport-McMoRan is a major copper producer.
Its shares seem overvalued at recent levels, though.
It's a good time to be a copper investor. Copper is needed for data centers, and data centers are proliferating across the U.S. Copper is needed for wind turbines, too, and electric vehicles reportedly use up to four times as much copper as traditional cars. The International Energy Agency (IEA) is estimating that global copper demand will jump some 17%, from 26.7 million tonnes in 2024 to 31.3 million tonnes by 2030.
Could investing in a copper-mining company set you up for life? How about Freeport-McMoRan (NYSE: FCX)? It describes itself as "dedicated to positively contributing to society by supplying the world with copper -- Responsibly, Reliably and Relentlessly." It sports a portfolio of long-lived copper assets around the world. (It also produces gold and molybdenum, but its primary focus is on copper.)
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Indeed, its portfolio features the Grasberg mine in Indonesia -- the world's second-largest copper mine and largest gold mine. In 2025, Freeport-McMoRan produced 3.4 billion pounds of copper, accounting for about 70% of U.S. refined copper production.
It clearly looks like a great buy, right? Well, maybe not. Its valuation is on the steep side. Its price-to-earnings (P/E) ratio was recently 35, well above the five-year average of 22, and its price-to-sales ratio of 4.0 was also well above the five-year average of 2.6. It's smart to buy into healthy and growing companies, but you don't want to do so at a high price.
I would be careful about investing in the company at recent levels. The more overvalued a stock is, the less likely it is to set you up for life.
You might instead add it to your watch list, waiting for a pullback -- because it does seem like demand for copper is growing, and copper specialists should profit from that. Or maybe start a small position in it if you're really bullish on it. (There are other copper-related companies to learn about and consider.)
Consider copper-focused exchange-traded funds (ETFs), too -- such as the Global X Copper Miners ETF, which encompasses 40 companies, including Freeport-McMoRan.
Should you buy stock in Freeport-McMoRan right now?
Before you buy stock in Freeport-McMoRan, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Freeport-McMoRan wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
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Selena Maranjian has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Could Buying Freeport-McMoRan (FCX) Stock Today Set You Up for Life?

Key Points
AI adoption is fueling electrification, and thus copper demand.
There are two clear ways to bet on the rise of copper.
The artificial intelligence industry continues to grow at double-digit rates. To support this growth, AI companies are building massive amounts of data center infrastructure. This infrastructure is energy-intensive, and the current grid isn't big enough to support the AI industry's long-term needs. In short, more electricity generation capacity will be needed.
Ramping up electricity production and transmission capabilities, however, also requires substantial resources. Copper is near the top of that list.
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"[C]opper is essential for the generation, transmission, and use of electricity. But the demand for copper will outrun supply unless there is major adjustment across the copper supply system," warns research from S&P Global. "Copper is the connective artery linking physical machinery, digital intelligence, mobility, infrastructure, communication, and security systems. All of this has made the future availability of the metal a matter of strategic importance."
Given this, S&P Global predicts a surge of interest in copper over the coming years and decades. The firm believes the "explosive growth of AI and data centers has introduced a new, rapidly expanding vector of copper demand." Rising AI adoption, S&P Global concludes, will kick-start a "transformative trajectory for copper demand."
How can investors profit from rising copper demand? There are two obvious investment opportunities.
1. Copper mining stocks
The most direct way to expose your portfolio to rising copper demand is by purchasing copper mining stocks. Freeport-McMoRan (NYSE: FCX), for example, is the largest publicly traded mining company focused mostly on copper. Copper accounts for roughly 75% of Freeport's total revenue. Gold and molybdenum make up the majority of the remaining quarter.
The logic here is simple. Copper miners like Freeport make money by digging up copper ore and selling the ore. If copper prices rise, the value of Freeport's mining assets rises. This alone would raise the stock's intrinsic value, but it would also make it easier for the company to borrow money, issue stock at attractive prices, and potentially acquire weaker competitors. And, of course, Freeport's revenues and profit margins would rise due to higher selling prices.
Just remember that copper's rosy long-term outlook won't prevent short-term shocks.
"Overall, copper prices remain elevated compared with historical averages, but downside macroeconomic risks are largely not fully priced in," research from JP Morgan warns. "As highly cyclical assets geared to manufacturing cycles and end-use consumption in the construction, transportation, utility and white goods sectors, demand for base metals, including copper, is extremely sensitive to global economic growth."
If you take a position in a copper mining stock, it would be best to take a long-term view, potentially adding to your position during market corrections.
2. Copper ETFs
There is a host of copper ETFs that allow investors to instantly gain diversified exposure to specific segments of the copper market. This way, your portfolio is more exposed to copper upside in general, not the specific execution of a single operator.
The Global X Copper Miners ETF (NYSEMKT: COPX), for example, has more than $7 billion in assets. For an annual fee of around 0.65%, investors will gain exposure to every company in the Solactive Global Copper Miners Total Return Index: a broad index with several dozen holdings designed to track the performance of global stocks involved in the exploration, mining, and refining of copper.
Investors can also gain direct exposure to copper prices through an ETF such as the United States Copper Index Fund (NYSEMKT: CPER). The ETF has an expense ratio of nearly 1%. It also issues a K-1 tax form annually, which may complicate personal tax preparation. And the ETF tracks copper prices using futures contracts, which can often come with some tracking error. But for investors looking to bet on copper itself, not copper miners, this remains an attractive choice.
The final item to note is that the market has already recognized the copper revolution. Copper prices are up 36% over the last 12 months. That performance heavily outpaces broader market indexes. Investors should understand that copper's demand dynamics will play out over many years, and that current market conditions don't necessarily provide the best entry point in recent history.
Should you buy stock in Freeport-McMoRan right now?
Before you buy stock in Freeport-McMoRan, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Freeport-McMoRan wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $365,910!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,418,530!*
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JPMorgan Chase is an advertising partner of Motley Fool Money. Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase and S&P Global. The Motley Fool has a disclosure policy.

The Copper Shortage Is Real, and It Is the Metal AI Can't Live Without. Here's the Best Way to Invest.

The most recent trading session ended with Freeport-McMoRan (FCX) standing at $37.88, reflecting a -0.53% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily loss of 0.22%. Meanwhile, the Dow lost 0.36%, and the Nasdaq, a tech-heavy index, lost 0.16%.
The mining company's stock has dropped by 11.52% in the past month, falling short of the Basic Materials sector's loss of 9.71% and the S&P 500's loss of 2.36%.
Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company's upcoming EPS is projected at $0.38, signifying a 40.74% increase compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $6.06 billion, indicating a 2.65% upward movement from the same quarter last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Freeport-McMoRan. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.04% increase. Currently, Freeport-McMoRan is carrying a Zacks Rank of #3 (Hold).
From a valuation perspective, Freeport-McMoRan is currently exchanging hands at a Forward P/E ratio of 18.55. This expresses a discount compared to the average Forward P/E of 19.23 of its industry.
Meanwhile, FCX's PEG ratio is currently 1.93. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Mining - Non Ferrous industry had an average PEG ratio of 1.38.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 146, which puts it in the bottom 42% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Freeport-McMoRan (FCX) Suffers a Larger Drop Than the General Market: Key Insights

The S&P 500 Index ($SPX) (SPY) is down by -0.92% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.75%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.55%. December E-mini S&P futures (ESZ26) are down -0.90%, and December E-mini Nasdaq futures (NQZ26) are down -1.47%.
Stock indexes are under pressure today as crude oil prices raise inflation risks and push bond yields higher. Crude prices are up more than +2% today as hopes faded for an imminent breakthrough to end the war in Iran and reopen the Strait of Hormuz after President Trump rejected Iran’s latest proposals to end the war. Today’s surge in crude prices has raised inflation expectations and pushed global bond yields higher, with the 10-year T-note yield climbing to a 19-year high of 5.27% and the 10-year German Bund yield rising to a 17-year high of 3.65%. The jump in bond yields is weighing on chipmakers and AI stocks, which are leading the overall market lower.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the positive side for stocks, the US and China detailed a plan to cut tariffs on about $30 billion of imports from each country. China's Commerce Ministry said today that the reductions will take effect once both sides complete procedures required under their domestic laws. Also, today’s US economic news supported stocks after the Sep Dallas Fed manufacturing survey fell -1.8 to 9.8, a smaller decline than expectations of 7.8.
Nov WTI crude oil prices (CLX26) are up more than +2% today on fading hopes for an imminent breakthrough in peace talks to end the Iran war. President Trump on Saturday rejected Iran's latest proposal to end the war, and Iran said it will not soften any demands it has made to reopen the Strait of Hormuz. The Wall Street Journal reported that US negotiators are pressing Iran to make concessions on its nuclear program to revive the peace talks and placate President Trump on an issue he has made a top priority. The newspaper also reported that Mr. Trump expects to resume the bombing campaign against Iran after the US midterm elections on November 3. Crude prices also rose after Iran-backed Houthi militants in Yemen launched drone and missile attacks against Saudi Arabia over the weekend.
Markets are discounting a 68% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.57%. China's Shanghai Composite fell to a 1.75-month low and closed down -1.67%. Japan's Nikkei-225 Stock Average fell from a 1.25-month high and closed down -0.73%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -17 ticks today. The 10-year T-note yield is up +9.7 bp to 5.257%. T-note prices tumbled to a 19-year nearest-futures low today, and the 10-year T-note yield rose to a new 19-year high of 5.272%. Today’s +2% jump in WTI crude oil has strengthened inflation expectations, undercutting T-note prices and pushing yields higher. Losses in T-notes are limited as today’s slump in equities has spurred some safe-haven demand for T-notes.
European government bond yields are moving higher today. The 10-year German bund yield climbed to a 17-year high of 3.650% and is up +4.1 bp to 3.642%. The 10-year UK gilt yield rose to a 1.5-week high of 5.421% and is up +5.4 bp to 5.420%.
Comments from ECB President Christine Lagarde were dovish for ECB policy when she said, “While growth has been resilient, since the last ECB meeting, long-term interest rates have risen notably, which will slow growth and reduce pass-through by more than projected in our September exercise.”
Markets are discounting a 37% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are sliding today, with the jump in T-note yields. The iShares Semiconductor ETF (SOXX) is down more than -3%. ARM Holdings Plc (ARM) is down more than -8% to lead losers in the Nasdaq 100, and Intel (INTC) and Qualcomm (QCOM) are down more than -6%. Also, SanDisk (SNDK) and Advanced Micro Devices (AMD) are down more than -5%, and Marvell Technology (MRVL) is down more than -4%. In addition, Micron Technology (MU), Seagate Technology Holdings Plc (STX), and Western Digital (WDC) are down more than -3%, and Applied Materials (AMAT), Lam Research (LRCX), and KLA Corp (KLAC) are down more than -2%.
Mining stocks are slipping today as gold and silver prices tumbled to 1.75-month lows. Anglogold Ashanti (AU) is down more than -6%, and Coeur Mining (CDE) and Hecla Mining (HL) are down more than -5%. Also, Newmont Corp (NEM) and Barrick Mining (B) are down more than -4%, and Freeport-McMoRan (FCX) and Southern Copper (SCCO) are down more than -1%.
Software stocks are slumping today, weighing on the broader market. Atlassian Corp (TEAM) is down more than -4%, and ServiceNow (NOW) and Oracle (ORCL) are down more than -3%. Also, Adobe Systems (ADBE), Intuit (INTU), and IBM (IBM) are down more than -2%, and Salesforce (CRM) is down more than -4% to lead losers in the Dow Jones Industrials. In addition, Autodesk (ADSK) and Microsoft (MSFT) are down more than -1%.
Bloom Energy (BE) is down more than -9% to lead losers in the S&P 500 after Oracle sent a New Mexico data center developer a notice citing force majeure, in an attempt to put off payments if the data center gets derailed.
Roblox (RBLX) is down more than -7% after Jeffries downgraded the stock to underperform from hold, with a price target of $38.
Boeing (BA) is down more than -4% to lead losers in the Dow Jones Industrials on a complaint that the company violated several federal laws when it retaliated against a federal contract compliance expert for calling attention to aircraft safety and worker health issues.
UiPath (PATH) is down more than -3% after D.A. Davidson downgraded the stock to underperform from neutral, with a price target of $10.
Snowflake (SNOW) is down more than -2% after announcing it intends to offer $3.5 billion of convertible senior notes due in 2029 and 2031.
Kodiak Sciences (KOD) is up more than +142% after saying a Phase-3 study of Zenkuda and tabirafusp-ted met key endpoints in patients with wet age-related macular degeneration.
Netease ADRs (NTES) are up more than +5% after Morgan Stanley named it a top pick among peers, expecting the company’s new Ananta game to become a blockbuster launch and a core growth driver next year.
Nvidia (NVDA) is up more than +2% to lead gainers in the Dow Jones Industrials after boosting its share buyback program by $150 billion.
Earnings Reports (9/28/2026)
IDT Corp (IDT), Jefferies Financial Group Inc (JEF), Liberty Live Holdings Inc (LLYVA), ReposiTrak Inc (TRAK), SR Bancorp Inc (SRBK), Vail Resorts Inc (MTN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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Stocks Retreat as Bond Yields Surge

The S&P 500 Index ($SPX) (SPY) is down by -0.51% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.66%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.76%. December E-mini S&P futures (ESZ26) are down -0.52%, and December E-mini Nasdaq futures (NQZ26) are down -0.81%.
Stock indexes are tumbling today as crude oil prices and bond yields soar as hopes faded for an imminent breakthrough to end the war in Iran and reopen the Strait of Hormuz. Crude prices are up more than +2% today after President Trump rejected Iran’s latest proposals to end the war. Today’s surge in crude prices has raised inflation expectations and pushed global bond yields higher, with the 10-year T-note yield climbing to a 19-year high of 5.23% and the 10-year German Bund yield rising to a 17-year high of 3.65%. The jump in bond yields is weighing on chipmakers and AI stocks, which are leading the overall market lower.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the positive side for stocks, the US and China detailed a plan to cut tariffs on about $30 billion of imports from each country. China's Commerce Ministry said today that the reductions will take effect once both sides complete procedures required under their domestic laws.
Nov WTI crude oil prices (CLX26) are up more than +2% today on fading hopes for an imminent breakthrough in peace talks to end the Iran war. President Trump on Saturday rejected Iran's latest proposal to end the war, and Iran said it will not soften any demands it has made to reopen the Strait of Hormuz. The Wall Street Journal reported that US negotiators are pressing Iran to make concessions on its nuclear program to revive the peace talks and placate President Trump on an issue he has made a top priority. The newspaper also reported that Mr. Trump expects to resume the bombing campaign against Iran after the US midterm elections on November 3. Crude prices also rose after Iran-backed Houthi militants in Yemen launched drone and missile attacks against Saudi Arabia over the weekend.
Markets are discounting a 68% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.43%. China's Shanghai Composite fell to a 1.75-month low and closed down -1.67%. Japan's Nikkei-225 Stock Average fell from a 1.25-month high and closed down -0.73%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -9 ticks today. The 10-year T-note yield is up +5.7 bp to 5.217%. Dec T-notes are sliding today, and the 10-year T-note yield rose to a new 19-year high of 5.234%. Today’s +2% jump in WTI crude oil has strengthened inflation expectations, undercutting T-note prices and pushing yields higher. Losses in T-notes are limited as today’s slump in equities has spurred some safe-haven demand for T-notes.
European government bond yields are moving higher today. The 10-year German bund yield climbed to a 17-year high of 3.650% and is up +3.8 bp to 3.639%. The 10-year UK gilt yield rose to a 1.5-week high of 5.421% and is up +4.8 bp to 5.414%.
Markets are discounting a 45% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are sliding today, with the jump in T-note yields. The iShares Semiconductor ETF (SOXX) is down more than -1%. ARM Holdings Plc (ARM) is down more than -7% to lead losers in the Nasdaq 100, and Qualcomm (QCOM) is down more than -7% to lead losers in the S&P 500. Also, Intel (INTC) and SanDisk (SNDK) are down more than -3%, and Advanced Micro Devices (AMD), Marvell Technology (MRVL), and Western Digital (WDC) are down more than -2%.
Software stocks are slumping today, weighing on the broader market. Atlassian Corp (TEAM) is down more than -7%, and ServiceNow (NOW) is down more than -5%. Also, Adobe Systems (ADBE) and Intuit (INTU) are down more than -4%, and Salesforce (CRM) is down more than -4% to lead losers in the Dow Jones Industrials. In addition, Autodesk (ADSK), Microsoft (MSFT), Oracle (ORCL), and Workday (WDAY) are down more than -2%, and Palantir Technologies (PLTR), Thomson Reuters (TRI), Datadog (DDOG), and IBM (IBM) are down more than -1%.
Mining stocks are slipping today as gold and silver prices tumbled to 1.75-month lows. Anglogold Ashanti (AU) is down more than -5%, and Coeur Mining (CDE) and Hecla Mining (HL) are down more than -4%. Also, Newmont Corp (NEM) and Barrick Mining (B) are down more than -3%, and Freeport-McMoRan (FCX) and Southern Copper (SCCO) are down more than -1%.
UiPath (PATH) is down more than -6% after the Wall Street Journal reported that MGM Resorts International is discussing making a bid for the company.
Roblox (RBLX) is down more than -6% after Jeffries downgraded the stock to underperform from hold with a price target of $38.
Snowflake (SNOW) is down more than -4% after announcing it intends to offer $3.5 billion of convertible senior notes due in 2029 and 2031.
Kodiak Sciences (KOD) is up more than +113% after saying a Phase-3 study of Zenkuda and tabirafusp-ted met key endpoints in patients with wet age-related macular degeneration.
Netease ADRs (NTES) are up more than +4% after Morgan Stanley named it a top pick among peers, expecting the company’s new Ananta game to become a blockbuster launch and a core growth driver next year.
Nvidia (NVDA) is up more than +3% to lead gainers in the S&P 500, Dow Jones Industrials, and Nasdaq 100 after boosting its share buyback program by $150 billion.
Earnings Reports (9/28/2026)
IDT Corp (IDT), Jefferies Financial Group Inc (JEF), Liberty Live Holdings Inc (LLYVA), ReposiTrak Inc (TRAK), SR Bancorp Inc (SRBK), Vail Resorts Inc (MTN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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Stocks Pressured as Crude Prices and Bond Yields Soar

Freeport-McMoRan Inc. FCX remains committed to disciplined execution and the development of its organic growth projects. The company’s expansion efforts are designed to enhance production capacity, supported by solid financial strength.
FCX has opportunities for a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project similar to the large-scale concentrator at Cerro Verde, with an estimated resource of approximately 20 billion recoverable pounds of copper. The expansion is expected to result in the addition of more than 700 million pounds of copper production annually.
In Arizona, FCX is progressing with pre-feasibility studies at its Safford/Lone Star operations, with completion targeted for 2026, to assess a sizable sulfide expansion opportunity. It has expansion opportunities at Bagdad in Arizona that can more than double the concentrator capacity of the operation. Technical and economic studies have revealed the potential to build concentrating facilities to boost copper production by 200-250 million pounds annually.
PT Freeport Indonesia (PT-FI) is developing the Kucing Liar ore body within the Grasberg district with a targeted ramp-up expected to commence in 2030. Studies completed by FCX in 2025 show an opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and reserves by roughly 20% at low costs.
FCX’s organic growth pipeline, designed to expand capacity and output, positions it well to benefit from future demand growth. Effective execution of these projects will strengthen its ability to drive shareholder value.
Among FCX’s peers, Southern Copper Corporation SCCO has a strong pipeline of world-class copper greenfield projects and various other promising opportunities. Southern Copper continues to build its presence in Peru as the country is the second-largest producer of copper. The company’s key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar in Mexico, all of which underpin SCCO’s long-term expansion pipeline.
BHP Group Limited BHP continues to reshape its portfolio toward commodities such as copper and potash, allocating a meaningful portion of its medium-term capital expenditure to these areas. This strategy positions BHP to benefit from decarbonization, electrification, population growth and rising living standards in emerging markets. BHP has copper projects under execution and a pipeline that could deliver around two Mtpa of attributable copper production by the 2030s. It is planning an Escondida New Concentrator project with a potential $4.4-$5.9 billion investment to replace the aging Los Colorados plant. BHP has approved a pre-commitment funding of $0.5 billion (BHP’s share) for the concentrator, which is expected to have a higher production capacity and add 230-270 kt of copper annually.
The Zacks Rundown for FCX
Shares of Freeport-McMoRan have jumped 101.6% in the past year compared with the Zacks Mining - Non Ferrous industry’s growth of 62.1%.
From a valuation standpoint, FCX is currently trading at a forward 12-month earnings multiple of 20.55, a 9.6% discount to the industry average of 22.74X. It carries a Value Score of C.
The Zacks Consensus Estimate for FCX’s 2026 and 2027 earnings implies a year-over-year rise of 59.3% and 33.2%, respectively. The EPS estimates for 2026 and 2027 have been trending higher over the past 60 days.
FCX stock currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Can Freeport-McMoRan's Growth Projects Drive the Next Expansion Wave?

Freeport-McMoRan Inc. FCX and Southern Copper Corporation SCCO are two heavyweights in the copper mining industry. Both operate on a global scale, extracting and processing copper and other metals.
Copper prices continue to show strength driven by robust demand from China and the United States. Structural tailwinds, including electric vehicles (EVs), renewable energy projects, artificial intelligence data center growth and grid modernization, continue to boost copper consumption. Worries about tightening supply amid rising EV and infrastructure demand aided the red metal. Supply risks stem from operational issues in top producer Chile, along with export bans on copper concentrates from the Democratic Republic of Congo.
Copper surged to an all-time high near $6.9 per pound recently on tariff-related uncertainties and supply tightness. Imports to the United States have surged ahead of a potential tariff announcement by the Trump administration. Copper prices are currently hovering above $6.7 per pound and up more than 40% year over year.
Let’s dive deep and closely compare the fundamentals of these two copper mining companies to determine which one is a better investment now.
The Case for Freeport
Freeport continues to leverage its portfolio of high-quality copper assets, emphasizing disciplined execution and organic growth initiatives to strengthen its production profile. FCX has completed the evaluation of a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project similar to the large-scale concentrator at Cerro Verde, with an estimated resource of approximately 20 billion recoverable pounds of copper. The expansion is expected to result in the addition of more than 700 million pounds of copper production annually.
In Arizona, FCX is progressing with pre-feasibility studies at its Safford/Lone Star operations, with completion targeted for 2026, to assess a sizable sulfide expansion opportunity. It has expansion opportunities at Bagdad in Arizona that can more than double the concentrator capacity of the operation. Technical and economic studies have revealed the potential to build concentrating facilities to boost copper production by 200-250 million pounds annually.
PT Freeport Indonesia (PT-FI) is developing the Kucing Liar ore body within the Grasberg district with a targeted ramp-up expected to commence in 2030. Studies completed by FCX in 2025 show an opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and reserves by roughly 20% at low costs.
FCX has a strong liquidity profile and generates substantial cash flows, providing ample flexibility to fund expansion projects, reduce debt and enhance shareholder returns. It generated solid operating cash flows of $5.6 billion in 2025. Cash flows provided by operations were around $2 billion in the second quarter of 2026. Freeport ended the second quarter with strong liquidity, including $4.1 billion in cash and cash equivalents, $3 billion in availability under the Freeport revolving credit facility, and $1.5 billion in availability under the PT-FI credit facility.
At the end of the second quarter, Freeport had a net debt of $2.1 billion, excluding PTFI’s new downstream processing facilities. Its net debt is below its targeted range of $3-$4 billion. Freeport has a policy of distributing 50% of the available cash to its shareholders and the balance to either reduce debt or invest in growth projects. FCX has no significant debt maturities until 2027.
FCX offers a dividend yield of roughly 0.4% at the current stock price. Its payout ratio is 13% (a ratio below 60% is a good indicator that the dividend is sustainable). Backed by strong financial health, the company's dividend is perceived to be safe and reliable.
Despite these positives, Freeport faces headwinds from higher costs. Its second-quarter unit net cash costs jumped 74% year over year to $1.97 per pound due to lower copper volumes. Freeport expects unit net cash costs of $2 per pound for the third quarter, while projecting a full-year average of roughly $1.9 (compared with $1.65 in 2025). The projected third-quarter unit cost reflects a roughly 43% year-over-year increase. The uptick in costs reflects higher costs of energy and other consumables due to the Middle East conflict and persistent pressure on volumes. Higher costs are expected to weigh on the company's margins.
Freeport’s copper sales volumes tumbled approximately 30% year over year in the second quarter to 710 million pounds. The downside primarily resulted from lower operating rates during the phased ramp-up of the Grasberg Block Cave mine in Indonesia, following the mud rush incident in September 2025.
While the company’s third-quarter outlook for copper sales volumes of 750 million pounds indicates a sequential improvement, it suggests a 23% year-over-year decline. The company, in April 2026, lowered its consolidated sales volume projections for full-year 2026 to around 3.1 billion pounds of copper from the prior view of 3.4 billion pounds due to an expected delay in achieving full ramp-up of the Grasberg Block Cave mine. Lower sales volumes are expected to weigh on its top line.
The Case for Southern Copper
Southern Copper has a strong pipeline of world-class copper greenfield projects and other promising opportunities. It operates high-quality assets in investment-grade countries such as Mexico and Peru. Backed by its constant commitment to increasing low-cost production and growth investments, the company is well poised to continue delivering enhanced performance.
SCCO holds the largest copper reserves among listed peers. Its low-cost, integrated operations and deep pipeline of world-class greenfield projects further strengthen its competitive positioning. The company is well-positioned to capitalize on the expected surge in copper demand in the year to come, backed by the energy transition trend.
The company continues to build its presence in Peru as the country is the second-largest producer of copper. Peru holds about 9% of the world’s copper reserves. Despite the year-to-date fall in production, the company has slightly hiked its 2026 copper production outlook to 917,000 tons. Southern Copper expects to take this up to roughly 1.6 million tons by 2033 or 2034. To support this growth plan, the company intends to invest $20.5 billion over the next decade, with the bulk of the capital allocated to projects in Peru.
The company’s key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar in Mexico, all of which underpin SCCO’s long-term expansion pipeline. Given its constant commitment to increasing low-cost production and growth investments, SCCO is well-positioned to continue delivering enhanced performance.
SCCO generated net cash from operating activities of $4.75 billion in 2025, up roughly 7.5% from $4.42 billion in 2024, attributable to higher net income. It delivered a solid 116.9% year-over-year surge in operating cash flow in the first six months of 2026 to $3.68 billion. Southern Copper’s strong cash generation is driven by higher sales and a reduction in operating assets and liabilities requirements. The company also benefited from its cash cost decrease, which was driven by a 68.2% year-over-year rise in by-product revenue credits.
In July 2026, the board authorized a $1.10-per-share cash dividend plus a stock dividend of 0.012 shares per common share, reflecting continued capital returns alongside higher investment spending. SCCO offers a dividend yield of 2.4% at the current stock price. Its payout ratio is 66%, with a five-year annualized dividend growth rate of roughly -2.3%.
However, SCCO faces headwinds from near-term production declines. Copper production fell 3.5% year over year in the second quarter of 2026 to 230,662 tons, while first-half 2026 output declined 3.8% to 461,206 tons. The weakness was concentrated in Peru, where second-quarter production fell 12% because of lower ore grades and recoveries at Toquepala and Cuajone. Management raised its 2026 copper production outlook, but it remains below the 956,270 tons produced in 2025. Lower production is expected to weigh on its performance.
Price Performance and Valuation of FCX & SCCO
FCX stock has surged 105.4% over a year, while SCCO stock has rallied 71.2% compared with the Zacks Mining - Non Ferrous industry’s rise of 66.1%.
FCX is currently trading at a forward 12-month earnings multiple of 20.70. This represents a roughly 11.2% discount when stacked up with the industry average of 23.32X.
SCCO is currently trading at a forward 12-month earnings multiple of 26.81, higher than FCX and above the industry.
How Does Zacks Consensus Estimate Compare for FCX & SCCO?
The Zacks Consensus Estimate for FCX’s 2026 sales and EPS implies a 10.5% and 59.3% increase year over year, respectively. The EPS estimates for 2026 have been trending higher over the past 60 days.
The consensus estimate for SCCO’s 2026 sales and EPS implies year-over-year growth of 29.4% and 49.4%, respectively. The EPS estimates for 2026 have been going up over the past 60 days.
FCX or SCCO: Which Stock is a Better Pick Now?
Both FCX and SCCO currently have a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Both Freeport and Southern Copper are making progress with their growth projects amid a favorable copper pricing environment. FCX is poised to gain from progress in its expansion activities that will boost production capacity. However, a weaker sales volume outlook and higher expected unit costs weigh on its prospects. On the other hand, SCCO’s case is backed by its constant commitment to increasing low-cost production and growth investments amid challenges from weaker expected near-term production. FCX’s more attractive valuation and higher earnings growth projections suggest that it may offer better investment prospects in the current market environment.
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FCX vs. SCCO: Which Copper Mining Giant Should You Bet on?

Copper demand is being pulled higher by AI infrastructure, grids, electrification, and manufacturing. Freeport-McMoRan (NYSE: FCX), Southern Copper (NYSE: SCCO), and BHP (NYSE: BHP) offer three very different ways to participate. The key question is whether operating leverage, low-cost production, or diversification provides the strongest combination of growth, risk, and valuation.
Stock prices used were the market prices of Sept. 8, 2026. The video was published on Sept. 22, 2026.
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Indicator	Dec 25	Mar 26	Jun 26	TTM
Net Income	RUB 406.00M	RUB 881.00M	RUB 984.00M	RUB 984.00M
Operating Income	RUB 811.00M	RUB 2.14B	RUB 2.00B	RUB 2.00B

Indicator	Dec 25	Mar 26	Jun 26	TTM
Total Assets	RUB 58.17B	RUB 58.84B	RUB 59.73B	RUB 59.73B
Cash on Hand	RUB 4.05B	RUB 4.02B	RUB 4.36B	RUB 4.36B
Total share holder equity	RUB 30.77B	RUB 31.51B	RUB 32.22B	RUB 32.22B

Indicator	Dec 25	Mar 26	Jun 26	TTM
Long Term Debt	RUB 8.91B	RUB 8.91B	RUB 8.17B	RUB 8.17B
Total liabilities	RUB 27.40B	RUB 27.33B	RUB 27.51B	RUB 27.51B

Freeport-McMoRan, Inc.

Recent quarterly and TTM performance

Growth

Assets

Debts