On September 28, Freeport-McMoRan fell 3.18% in pre-market trading, trading at $70.16/share, with turnover of $311,400. The broader copper sector declined in tandem, with Ero Copper down 5.15%, Idaho Copper Corporation down 5.21%, and Southern Copper down 3.08%.

The decline comes as the market confronts the legal deadline for the US President to make a final decision on whether to impose tariffs on refined copper. The US Department of Commerce submitted its annual review report to the White House on June 30, recommending the expansion of tariff coverage to include refined copper. The US had already imposed 50% tariffs on copper semi-finished products in July of last year but exempted refined copper at that time. The policy outcome is expected to directly reshape global copper trade flows and pricing.

Uncertainty around this decision has been a recurring source of volatility for copper stocks. Earlier in September, Freeport-McMoRan tumbled over 7% after reports that the White House had not yet decided on the tariff, with COMEX copper futures plunging more than 3% on the same day. Market participants have noted that if tariffs are imposed, the US will continue to absorb global copper supply, tightening non-US markets. However, if the decision falls short of expectations, previously stockpiled copper could be released, posing significant downside risk.

(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.)