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FCX · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Freeport-McMoRan Inc. (FCX) stock moving?
FCX closed at 60.31 on Nov 10, about 9% below the 66.14 close on Oct 29, after a sell-off that began with the Oct 30 Grasberg production cut to 478,000 tons from about 700,000 tons. The sharpest move came Nov 5, when the stock fell to a 57.90 close on 27.3M shares, roughly 2.3 times the typical daily volume in this window, and no news item in the set explains it. It has since rebounded to 62.33 on Nov 9 before slipping back to 60.31. Supportive items include the Nov 4 board approval of a $4.5B Bagdad expansion, which the company earlier said could add 200 to 250 million pounds of annual copper output, plus CNBC Final Trades picks on Nov 9 and Nov 10. Analyst price targets issued after Q3 results range from $68 (Freedom Broker, Hold) to $90 (JP Morgan, Overweight), all above the current price, but they were cut from prior levels. The Grasberg cut and the unexplained Nov 5 selloff are the main negatives. The 10-Q filed Nov 6 is in the set without its figures, so it adds no new numbers to this analysis.
News behind the analysis
- Freeport-McMoRan, State Street, Deckers Outdoor And More On CNBC's 'Final Trades'CNBC's Final Trades segment included Freeport-McMoRan, with Harrington picking FCX as a trade idea.
- CNBC Halftime Report Final Trades: Freeport-McMoRan, Deckers Outdoor, State Street, Invesco S&P 500 Equal Weight ETFFreeport-McMoRan was again featured among CNBC Halftime Report Final Trades picks.
- Freeport-McMoRan Inc. Files Quarterly Report (Form 10-Q)Freeport-McMoRan filed its Form 10-Q quarterly report with the SEC on November 6, 2026.
- Democratic Sweep Revives the Stalled Copper Tariff TradeCommentary says Democratic gains could threaten AI data-center copper demand, while Trump's tariff powers could give Freeport-McMoRan an edge.
- Freeport-McMoRan Approves $4.5 Billion Expansion at Bagdad OperationThe board approved a $4.5 billion expansion and modernization program for the wholly owned Bagdad copper and molybdenum mine in Arizona.
- Freeport Approves $4.5B Expansion And Modernization Program For Wholly Owned Badgad Copper And Molybdenum OperationsFreeport's board signed off on the $4.5 billion Bagdad program, disclosed in the company's Nov 4 8-K.
- Freeport-McMoRan Plans Q4 2026 Investment Decision for Bagdad Mine ExpansionThe company expected a Q4 2026 investment decision on Bagdad, which could add 200 to 250 million pounds of annual copper output.
- Freedom Broker Maintains Hold on Freeport-McMoRan, Lowers Price Target to $68Freedom Broker kept its Hold rating and cut its price target to $68 from $75.
- Freeport-McMoRan Cuts 2026 Production Target for Grasberg MineGrasberg's 2026 production target was cut to 478,000 tons from about 700,000 tons due to repairs after a mudslide.
- UBS Maintains Buy on Freeport-McMoRan, Lowers Price Target to $85UBS kept its Buy rating and trimmed its price target to $85 after the quarterly report.
About Freeport-McMoran Inc.
Freeport-McMoRan is a mining company based in Phoenix, Arizona, and one of the world's largest publicly traded copper producers. It runs large, long-lived mines that also produce gold and molybdenum, including the Grasberg district in Indonesia (one of the world's biggest copper and gold deposits), the Morenci district in Arizona and Cerro Verde in Peru.
How it makes money
Freeport makes its money by mining and selling metal concentrates and refined metal. Copper usually brings in roughly 70–80% of revenue, gold most of the rest (mainly from Grasberg), and molybdenum a smaller share. Profits rise and fall sharply with metal prices, because mining costs stay fairly fixed. Third-quarter 2026 revenue was about $7.5 billion. The company pays a base dividend plus an extra variable dividend that depends on performance, and it also buys back shares.
What usually moves FCX
- Copper price and global demand (China, electrification, AI data centers)
- Gold and molybdenum prices
- Grasberg operations, including recovery from the September 2025 mud rush incident
- Indonesian government policy and export permits
- Production costs and capital spending on expansions