Freeport-McMoRan (FCX) Climbs 8% on Copper Jump to Fresh High

Core Viewpoint - Freeport-McMoRan Inc. (NYSE:FCX) has shown strong performance recently, driven by a surge in copper prices, which reached a new record high of $12,000 per ton, leading to a 7.9% increase in the company's stock price week-on-week [1][2]. Group 1: Stock Performance - Freeport-McMoRan registered a nine-day winning streak, reflecting the rise in benchmark three-month copper prices on the London Metal Exchange, which surged to $12,282 per ton [2]. - The company's stock climbed by 8% due to the increase in copper prices, attributed to tight global supply and strong demand from various industries [3]. Group 2: Market Sentiment and Analyst Ratings - Wells Fargo upgraded its price target for Freeport-McMoRan from $47 to $55, maintaining an "overweight" rating, which contributed to positive market sentiment [3]. - The upgrade was based on expectations of tight copper inventories and concerns over potential new tariffs on refined copper products, prompting industries to stock up [4]. Group 3: Financial Performance - In the third quarter, Freeport-McMoRan's net income attributable to shareholders increased by 28% to $674 million, up from $526 million in the same period last year [5]. - Revenues rose by 2.68% to $6.97 billion, compared to $6.79 billion year-on-year [5]. Group 4: Company Overview - Freeport-McMoRan is a leading global copper producer, operating various mines in North and South America, as well as the Grasberg site in Indonesia, one of the largest copper mines in the world [4].