New York, February 13, 2026, 17:16 EST — After-hours
- FCX bounced back on Friday, closing in the green after tumbling the previous session.
- The yearly filing throws 2026 volumes, costs, and spending back under the microscope.
- Copper held steady; lingering inventory growth and talk of tariffs kept traders on edge.
Freeport-McMoRan (FCX) rebounded Friday, finishing 1.3% higher at $62.84. That follows Thursday’s 5.2% drop. Shares moved between $60.19 and $63.34 over the session, with volume hitting roughly 14.4 million.
Copper pulled back as metals trading thinned out. “Macro-driven risk-off sentiment and broad profit-taking continue to unwind the strong early-year rally,” ING commodities strategist Ewa Manthey said. Investors were also weighing a report that President Donald Trump could loosen parts of his steel and aluminium tariffs. Reuters
Copper’s price signals are at odds these days. Global exchange stocks have topped 1.1 million metric tons—levels not seen since early 2003—and inventories have climbed some 300,000 tons since January began, per Reuters columnist Andy Home. The futures curve has swung into contango, meaning later-dated contracts now trade above spot prices. In market terms, that’s a classic sign that supply isn’t exactly scarce.
Freeport on Friday laid out its 2026 targets in its annual report, pinning copper sales at 3.38 billion pounds and gold at roughly 800,000 ounces. The miner expects unit net cash costs to average $1.75 per pound of copper, not counting expenses for idle facilities and cleanup from last year’s mud-rush at its Indonesian site. Capital spending is pegged at $4.3 billion for 2026, and the company expects base plus variable dividends to come in at $0.60 a share.
A broker upgrade gave the stock another boost. Argus Research moved Freeport up to “buy” from “hold,” targeting $72, citing copper demand linked to data centers and power grids, per Investing.com. Investing.com South Africa
Shares of copper-related names nudged higher. Southern Copper inched up 0.2%, while Teck Resources tacked on around 0.6%.
But there’s a hitch: this trade can reverse quickly. Should copper demand remain sluggish during the China holiday slowdown, and if exchange inventories keep rising, miners could lose ground just as fast—they’re working with double-edged leverage.
Freeport’s 2026 spending plans are hefty, and Indonesia’s schedule remains key. If volumes slip off pace or costs come in above targets, that squeezes cash flow—and could crimp buybacks or those variable dividends.
With U.S. markets shut for Presidents Day on Monday, Feb. 16, attention shifts to Tuesday’s open—FCX and the rest of the metals sector will be in focus.
