Freeport-McMoRan shares soar 5.46% premarket as record copper prices driven by tech demand and Chinese speculation boost investor sentiment.

Freeport-McMoRan (FCX) surged 5.46% in premarket trading, driven by a combination of record copper prices, strong Q4 earnings, and operational recovery. Soaring copper prices, fueled by robust demand from technology sectors and speculative buying in China, directly boosted the miner’s core operations. The company’s Q4 adjusted EPS of $0.47 exceeded estimates, with revenue of $5.63 billion supported by cost efficiency and higher copper prices. Additionally, the Grasberg mine in Indonesia resumed 85% capacity, stabilizing global copper supply after earlier disruptions. Analysts also raised price targets, with the average one-year target increasing to $62.23, reflecting renewed confidence in FCX’s capital discipline and exposure to electrification-driven demand. These factors collectively reinforced investor optimism, aligning with the stock’s sharp premarket rise.