Freeport-McMoRan stock gained 3.98 percent as copper output held

Published on 10/04/2026 at 20:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Freeport-McMoRan stock was last at USD 72.04 on October 2 after third-quarter copper output reached 830 million pounds. Gold sales of 100 thousand ounces lagged the July estimate after 60 thousand ounces were deferred.

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Freeport-McMoRan (ISIN US35671D8570) was last at USD 72.04 on the NYSE on October 2, up 3.98 percent, after the miner reported third-quarter copper production of 830 million pounds. The October 2 operating update kept copper output in line with expectations, while deferred gold sales created a clear counter-factor for quarterly cash costs.

Copper output meets the target

According to Last10K on October 2, Freeport-McMoRan produced 830 million pounds of copper and 230 thousand ounces of gold in the third quarter of 2026. Copper sales were projected at 750 million pounds, matching the July estimate, while gold sales were projected at 100 thousand ounces.

The difference reflects timing rather than a revised mine target. The company deferred 60 thousand ounces of refined gold sales from the third quarter to the fourth quarter, reducing by-product credits and lifting expected unit net cash costs by 5 percent above the July estimate of USD 2.00 per pound of copper.

Grasberg recovery sets the tone

Freeport-McMoRan estimated its third-quarter realized copper price above USD 6.50 per pound. Mill throughput averaged 140,000 metric tons of ore per day, equal to 67 percent of normalized rates before the September 2025 incident, and management continued to target 80 percent of capacity by mid-2027.

The operating update also said the Eastern Java smelter resumed operations in late August 2026. The combination of stable copper production, recovering Grasberg throughput and delayed gold sales leaves the next earnings release as the key test of whether higher copper realizations can offset weaker by-product credits.

Analysts lift the valuation bar

As MarketBeat reported, BMO Capital Markets raised its price target from USD 78.00 to USD 85.00 on September 29, 2026, while maintaining an Outperform rating. The new target lies 18.0 percent above the October 2 price of USD 72.04.

MarketBeat also listed a Moderate Buy consensus and an average target of USD 72.87. A separate Yahoo Finance report on October 1, 2026, cited 24 analysts, including 17 Strong Buy ratings, two Moderate Buy ratings and five Holds, with an average target of USD 74.25.

Stock remains below its yearly high

Freeport-McMoRan was last at USD 72.04 on the NYSE on October 2, 2026, at 4:01 p.m. ET. Its 52-week range was USD 33.30 to USD 80.24, while market capitalization stood at USD 103.6 billion.