On September 8, Freeport-McMoRan rose 4.3% in regular trading, trading at $75.92/share, with turnover of $57.72 million.

On the news front, LME copper futures surged past $14,530 per ton, marking a fresh all-time high with a year-to-date gain of approximately 17%. On the supply side, global copper mine output declined 1.1% year-over-year in the first half, with major producers including Codelco and Freeport-McMoRan reporting double-digit production drops, potentially leading to the first annual decline since 2017. UBS projects the global refined copper deficit will widen from 219,000 tons to 379,000 tons next year, forecasting copper prices reaching $15,000/ton by year-end.

Multiple institutions recently raised their price targets on the stock. Raymond James lifted its target to $83 from $76, Argus adjusted to $78 from $72 maintaining a Buy rating, and William O'Neil initiated coverage at Buy. The company's Q2 adjusted EPS of $0.74 significantly beat the $0.59 consensus, while revenue of $7.03 billion also exceeded the $6.71 billion estimate.

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