On June 15, Freeport-McMoRan rose 3.01% overnight, trading at $70.45/share, with turnover of $1.11 million. The rally was driven by a wave of analyst upgrades and broad-based copper sector strength amid escalating global supply concerns.

On the news front, Jefferies raised its target price from $75 to $85, maintaining a Buy rating, while HSBC also lifted its target from $72 to $75. Analysts broadly cited a tightening global copper supply-demand balance, with copper concentrate treatment charges falling below negative territory and the company's flagship Grasberg mine in Indonesia facing further production restart delays. Institutions project the global copper supply deficit to average 491,000 tonnes annually through 2030, with Jefferies forecasting LME copper prices reaching $6.50 per pound by 2027.

Within the Copper sector, sector-wide strength was evident, with Ero Copper up 4.53%, Southern Copper up 2.05%, and Taseko Mines up 0.93%, reflecting a clear sector linkage effect.

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