On August 21, Freeport-McMoRan rose 4.7% in regular trading, trading at $75.185/share, with turnover of $167 million. The rally was driven by LME copper prices surging near historical highs amid an unprecedented supply squeeze across global markets.

On the news front, LME copper had previously broken above $14,000/ton and approached the January all-time high of $14,527.5/ton. The spot copper premium over three-month futures widened beyond $500/ton, the largest backwardation since 2021, signaling critically tight physical supply. LME registered copper inventories dropped to around 200,000 tons, hitting lows not seen since early February, with inventories declining for 42 consecutive days — the longest streak since 2014. Market analysts attribute the squeeze to global traders rushing copper into the U.S. ahead of anticipated tariff measures, draining non-U.S. spot markets. Additionally, major copper miners reported Q2 production declines of 3.9% year-over-year, with Codelco announcing closures of two mines, further constraining supply. As one of the worlds largest publicly traded copper producers, Freeport-McMoRan directly benefits from elevated copper price levels.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)