Freeport-McMoRan shares have gained 14.9% over the past month, driven by strong earnings and a rally in copper prices amid tighter global supply and resilient demand. The company's second-quarter results were boosted by a 36% year-over-year increase in average realized copper prices to $6.17 per pound, even as copper sales volumes fell 30% to 710 million pounds due to lower operating rates at the Grasberg Block Cave mine in Indonesia. Freeport ended the second quarter with $4.1 billion in cash and equivalents and net debt of $2.1 billion, below its targeted range, while operating cash flows reached around $2 billion for the quarter. Copper prices surged to an all-time high near $6.9 per pound last week on supply tightness and strong demand from electric vehicles, renewable energy, and AI data centers, though higher unit costs—projected at $2 per pound for the third quarter—may pressure margins. The Zacks Consensus Estimate for 2026 and 2027 earnings has been revised upward over the past 60 days, and the stock currently carries a Zacks Rank #3 (Hold).
