FCX Stock Slips as Trading Volume Ranks 317th Amid Cost and Tariff Challenges

On August 19, 2025, Freeport-McMoRan (FCX) traded with a volume of 0.31 billion, ranking 317th in market activity. The stock closed down 0.69%, reflecting mixed investor sentiment amid operational updates.

FCX reported a significant decline in its average unit net cash cost per pound of copper for Q2 2025, dropping to $1.13 from $1.73 a year earlier. This improvement stemmed from operational efficiencies, higher gold credits, and increased copper sales volumes. However, the company warned of higher costs in Q3, projecting $1.59 per pound, driven by lower sales volumes and potential tariff impacts. Tariffs could raise U.S. procurement costs by 5%, threatening margin stability. While FCX expects a full-year average of $1.55, the near-term outlook highlights cost pressures.

Earnings estimates for 2025 and 2026 suggest a 18.2% and 33% year-over-year increase, respectively, according to analyst consensus. FCX’s forward earnings multiple of 19.76 aligns closely with the industry average, and the stock holds a Zacks Rank of #3 (Hold). Year-to-date, shares have risen 9.6%, outperforming the 3.2% gain in its sector. Despite stronger margins in Q2, challenges in sustaining cost discipline and navigating tariff risks remain critical for investors.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day yielded a total profit of $2,940 from December 2022 to August 2025. However, the approach faced a maximum drawdown of $-1,960, reflecting a 19.6% peak-to-trough decline. This underscores the volatile nature of high-volume trading strategies in the period.