On June 18, Freeport-McMoRan rose 3.5% overnight, trading at $71.48/share, with turnover of $3,697.64.

On the news front, multiple investment banks have recently raised their target prices for the company in quick succession. Jefferies lifted its target from $75 to $85, maintaining a Buy rating; HSBC raised its target from $72 to $75; and Scotiabank increased its target from $67 to $77, maintaining a Sector Outperform rating. Institutions broadly cite a tightening global copper supply-demand balance as the key catalyst.

Specifically, the restart timeline for the company's flagship Grasberg mine in Indonesia has been delayed again, while Chilean production remains sluggish and copper concentrate treatment charges have fallen into negative territory. The global copper supply deficit is projected to average 491,000 tons annually through the end of the decade, with analysts noting that AI data center buildouts and power grid expansion are accelerating demand growth. Within the Copper sector, Southern Copper Corp rose 1.21%, Taseko Mines was flat, and Ero Copper fell 0.39%.

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