Freeport-McMoRan (FCX) is poised to take advantage of US copper tariffs as the company is the only producer to benefit from the US copper premium, RBC Capital Markets said in a note emailed Monday.

Despite the exposure, Freeport-McMoRan's stock appears to be lagging behind the copper price and has declined relative to peers, but could stand to rebound if the risk appetite improves, the firm said.

RBC Capital also noted that the company had the highest exposure to record gold prices, and the metal accounted for around 15% of its revenue.

So far, the market was not pricing in a US copper tariff, according to RBC Capital.

"We believe this is due to delays obtaining the Indonesian export license and risk averse equity investors concerned about global growth while the copper price rally in Q1 was largely due to speculation around a US tariff," the firm said.

The company could get back to steady operations with the Indonesian export permit and without the need for another extension following a successful ramp up of the smelter.

If the US imposes a 25% tariff similar to the ones on steel and aluminum, Freeport could stand to report an additional 9% in earnings before interest, taxes, depreciation, and amortization or around $700 million for 2026.

The firm reiterated its sector perform rating on the stock with a $52 price target.

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