Freeport-McMoRan: A Global Copper Bull Market Presses On, Solid Q2 Numbers

Freeport-McMoRan delivered a solid Q2, beating EPS and revenue estimates, and reaffirmed full-year guidance despite recent stock volatility.

FCX lowered 2026 unit cost guidance to $1.90/lb, raised molybdenum production targets, and remains well positioned with $962 million in Q2 free cash flow.

I maintain a “Buy” rating, with fair value near $81 based on $3.40 NTM EPS and a 24x P/E multiple, supported by strong copper prices and operational execution.

Technically, FCX faces resistance in the low $70s but benefits from a rising 200-day moving average, with $55 as key support.

It has been a frustrating few months for Freeport-McMoRan Inc. ( FCX ) investors. Shares have fluctuated wildly since January and have been little changed since my April 2026 “Buy” rating.

Still, the world’s largest copper miner has seen its stock return 24% so