On September 10, Freeport-McMoRan fell 8.16% in regular trading, trading at $70.53/share, with turnover of $164 million. The sharp decline was triggered by reports that the White House has not yet decided whether to impose tariffs on refined copper, sending international copper prices into a sudden nosedive.

According to reports citing two sources familiar with the matter, the White House copper tariff plan has stalled amid concerns over rising manufacturing costs and living expenses. Officials are weighing the trade-off between higher copper prices boosting domestic mining and the risk of inflating costs for consumers and businesses ahead of U.S. midterm elections. LME copper fell over 3% intraday while COMEX copper dropped more than 4%, reversing a rally that had pushed prices to a record high of $14,617/ton just days earlier.

The copper tariff expectation had been a key driver of this year's 17% copper price surge, as traders rushed to stockpile copper in the U.S. in anticipation of duties. Meanwhile, Bernstein cut its target price on Freeport-McMoRan from $50 to $47, well below the current price. The broader copper sector sold off sharply, with Southern Copper down 6.72%, Ero Copper down 8.03%, and TREKOR METALS down 7.50%.

(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.)