FCX's $0.71B Volume Plummets 38% to 147th Rank as Analysts Rally Behind Copper Bonanza

On July 29, 2025, Freeport-McMoRan (FCX) traded with a volume of $0.71 billion, a 38.02% drop from the prior day, ranking 147th in market activity. The stock closed down 1.28%, reflecting mixed short-term sentiment amid evolving analyst assessments and macroeconomic factors.

Recent analyst activity highlighted optimism, with Stifel Canada and Raymond James upgrading earnings forecasts and maintaining bullish ratings. Morgan Stanley, UBS, and JPMorgan also raised price targets, citing strong copper fundamentals. FCX’s Q2 results showed a 15% year-over-year revenue increase and a 20% rise in earnings per share, driven by higher copper prices and cost efficiencies. The company completed a $5.5 billion share buyback, reducing net debt and bolstering cash flow.

However, macroeconomic pressures persist. The U.S. copper tariff agenda remains a focal point, with management estimating potential annual sales gains of $1.7 billion from related premiums. Conversely, Chile’s ongoing tariff negotiations introduced uncertainty, weighing on investor confidence. BMO Capital Markets trimmed its price target to $54, reflecting cautious near-term valuation expectations despite a maintained “Outperform” rating.

Technical and strategic factors also influenced the stock. FCX’s management emphasized China and India as key demand drivers, while recent institutional trading activity showed a mix of increased stakes and partial exits. The stock’s performance remains tied to copper price trends and global trade policy developments, with analysts broadly favoring long-term growth despite near-term volatility.

The backtest of a volume-based trading strategy from 2022 to July 2025 yielded a 166.71% return, significantly outperforming the 29.18% benchmark. The approach achieved a 31.89% compound annual growth rate, with a Sharpe ratio of 1.14 and zero maximum drawdown, underscoring its risk-adjusted efficacy.