Copper Prices Seen 'Well-Supported' at $13,000/t by Citi, Grasberg Delay Tightens Supply
FCX sits 73% above its 52-week low of $35.15 on light trading volume (0.3× avg).
Summary
Citigroup forecasts copper prices to remain well-supported around $13,000 per metric ton in the near-term, a positive outlook for copper miners like Freeport-McMoRan (FCX). The article notes that FCX's Grasberg mine in Indonesia is experiencing a slight delay in production recovery, which is tightening supply expectations and contributing to the upward pressure on prices. While Citi flags potential moderation to $12,000/t by Q4 2026 in its base case due to geopolitical risks and inventory dynamics, the immediate sentiment is bullish, with a bull case reaching $15,000/t by year-end. This forecast and operational update are highly material for FCX, directly impacting its revenue outlook and stock performance.
At the time of this announcement, FCX was trading at $60.86 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $87.5B. The 52-week trading range was $35.15 to $70.97. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.