On June 15, Freeport-McMoRan rose 3.03% in pre-market trading, trading at $71.4/share, with turnover of $325,100.

On the news front, multiple investment banks recently raised their target prices on the company in quick succession. Jefferies lifted its target from $75 to $85, maintaining a Buy rating, while HSBC raised its target from $72 to $75. Analysts broadly cited a tightening global copper supply outlook, with copper concentrate treatment charges falling below negative territory and the companys Indonesian Grasberg mine experiencing further production ramp-up delays. The global copper supply deficit is projected to average 491,000 tons per year through 2030, supporting expectations for sustained copper price appreciation.

The broader copper sector strengthened in tandem, with peers Southern Copper Corp up 3.54%, Taseko Mines up 2.67%, and Ero Copper up 1.5%, reflecting clear sector-wide momentum.

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