Freeport-McMoRan's $260M Volume Ranks 338th as Expansion Drives Outperformance

On August 21, 2025, Freeport-McMoRan (FCX) traded with a volume of $0.26 billion, ranking 338th in market activity. The stock rose 0.99% during the session, reflecting modest momentum amid broader market dynamics.

FCX has delivered a 11.3% total return over the past six months, outperforming the S&P 500’s 7.3% gain. The company’s expansion initiatives, including the Cerro Verde concentrator expansion in Peru and pre-feasibility studies in Arizona, aim to boost copper and molybdenum production. PT Freeport Indonesia’s new smelter in Java and Grasberg district development projects are also positioned to enhance output by 2030.

Financially, FCX maintains a strong liquidity position with $4.5 billion in cash and $3 billion in revolving credit availability. The firm’s disciplined capital allocation strategy, including $5.2 billion in shareholder returns since 2021, supports its 0.7% dividend yield. However, rising unit costs—projected to hit $1.59 per pound in Q3 2025—and tepid sales volume guidance for copper, gold, and molybdenum pose near-term risks. Analysts note that higher production costs and global demand pressures could weigh on margins.

Technical indicators show FCX trading above its 200-day moving average following a golden crossover in July, suggesting a bullish trend. Despite this, copper prices have retreated below $4.5 per pound recently due to elevated supply and weak demand, raising concerns about revenue stability. Earnings estimates for 2025 and 2026 remain elevated, driven by cost efficiencies and production growth, though these gains may be offset by macroeconomic uncertainties.

A backtested strategy of holding the top 500 high-volume stocks for one day from 2022 to 2025 yielded a compound annual growth rate of 6.98%, with a maximum drawdown of 15.59%. While the approach demonstrated steady returns, the mid-2023 downturn underscores the need for risk management in volume-driven strategies.