Freeport-McMoRan Rebounds as Copper Supply Tightens

Freeport-McMoRan shares have found support in recent sessions as copper prices firmed on tightening supply conditions, with industry trackers noting that U.S. warehouse space for the metal has grown scarce. The stock closed at $71.94, up 0.6% on the session, even as shares remain roughly 5% lower for the month.

The company's second-quarter results showed revenue of $7.03 billion and net income of $984 million, or $0.68 per share, with realized copper prices averaging $6.17 per pound helping offset a year-over-year revenue decline. Freeport continues its phased ramp-up of the Grasberg Block Cave mine in Indonesia, targeting roughly 3.057 billion pounds of copper production for 2026.

The combination of a tight physical market and steady operational progress at Grasberg has kept investors focused on Freeport as a way to gain exposure to copper's role in electrification and AI-driven infrastructure buildout, even as the stock's monthly performance reflects lingering caution about execution risk.