Movement Alert｜Freeport-McMoRan Overnight Rise 3.01%, Multiple Banks Raise Target Prices Amid Copper Supply Tightening

Market Focus

Jun 15

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.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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