The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Investing.com -- Freeport-McMoRan (NYSE: FCX), the largest US-listed copper producer, shares surged on Tuesday after LME three-month copper touched an intraday all-time high of $14,694 per ton, surpassing the previous record of $14,527.50 set in January 2026.
Each 10-cent rise in the copper price is worth approximately $390 million in annual EBITDA for Freeport-McMoRan, per its own management sensitivity model, making Tuesday's record-setting session a material earnings event in real time.
FCX shares are trading up 7.2% to $77.99 as of 10:26 AM ET and up 44% year-to-date, putting them broadly in line with copper-mining peers Southern Copper and Teck Resources, both also up roughly 45% on the year. LME copper was last trading up 1.1% at $14,673 per ton on the session as of Tuesday's activity.
The rally is being fueled by a convergence of structural and tactical pressures on supply. US-bound metal flows have accelerated ahead of possible tariff action, pulling copper inventories out of global warehouses and into American ports. Meanwhile, Chile — the world's dominant producer — reported its weakest second-quarter output in at least 19 years and has now cut its full-year production forecast for a second consecutive quarter, projecting a 2.6% annual decline, according to the Economic Times. Morgan Stanley, which began 2026 expecting mine supply to expand, now projects copper production remaining broadly flat or edging lower, which would mark the first annual decline in global copper mine supply since 2017.