On September 8, Freeport-McMoRan rose 3.05% in pre-market trading, trading at $74.95/share, with turnover of approximately $2.59 million.

On the news front, copper prices continued their surge, with LME three-month copper reaching $14,334/ton, up approximately 17% year-to-date and marking a fresh all-time high. On the supply side, global copper mine output fell 1.1% year-over-year in the first half, with major producers including Freeport-McMoRan and Chile's Codelco posting double-digit production declines, raising the prospect of the first annual global copper mine output contraction since 2017. UBS projected global refined copper shortages widening from 219,000 tonnes to 379,000 tonnes next year, forecasting copper prices reaching $15,000/ton by year-end and $15,500/ton by mid-next year.

Multiple institutions have raised their price targets on Freeport-McMoRan in recent weeks. Raymond James lifted its target to $83 from $76, Argus adjusted to $78 from $72 maintaining a Buy rating, and William O'Neil initiated coverage at Buy. The company's Q2 adjusted EPS of $0.74 beat the $0.59 consensus by over 25%, while revenue of $7.03 billion also exceeded estimates.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)