Copper Prices Hit All-Time High: Is Freeport-McMoRan's Momentum Sustainable?

Freeport-McMoRan's shares rose 34% year-to-date as copper hit $12,000 per ton on the London Metal Exchange. The miner's Grasberg mine in Indonesia remains halted until Q2 2026 after a fatal mudslide stopped production. Morenci and Cerro Verde mines are offsetting Grasberg losses with operating income more than doubling at Morenci to $396M. Freeport-McMoRan's diversified portfolio of low-cost assets in North America, South America, and Indonesia provides leverage to higher copper prices.