$FCX

Copper prices fell for the third day due to US inflation data and easing supply concerns. Comex copper dropped 1.2% to $6.5810 per pound, while London copper fell 0.9% to $14,360 per tonne. Analysts cited profit-taking and technical deterioration. Antofagasta reported a 7% rise in Q3 production but lowered 2027 guidance, causing its stock to drop 6.4%. Other miners like Freeport-McMoRan and Southern Copper also declined.

Bank of America analysts favor copper and uranium producers due to supply constraints and demand growth, while higher US interest rates may pressure gold. They downgraded Kinross Gold and Alamos Gold, raised Freeport-McMoRan's price target to $87, and maintained a 'Buy' rating on Cameco with a $133 target. Copper price forecasts were increased, with 2026 average seen at $13,278 a ton and 2027 at $15,250.

Copper prices near record highs, with UBS and Deutsche Bank predicting a supply deficit until the early 2030s. Demand growth from electrification and data centers is outpacing supply. A strike at Chile's Centinela mine adds to supply concerns. UBS highlights Freeport-McMoRan, First Quantum, Hudbay, and Teck Resources as potential beneficiaries. Deutsche Bank raised its copper price target to $22,050 per ton by Q2 2027.

Freeport-McMoRan (FCX) rose 3.1% today, driven by stronger copper prices and supply concerns. The company reported solid copper output in its Q3 update, with some gold sales deferred. Analysts cite copper's impact on FCX's revenue and earnings outlook. Insider sales and hedge fund activity were also noted.

SpaceX shares rose 4% after selling spectrum to Grain Management, impacting telecom stocks. Delta Air Lines fell 4% due to weaker earnings and higher fuel costs. AI-related stocks rebounded, while Lumentum jumped 6% on CEO's demand outlook. Humana surged 14% on improved Medicare ratings, and Freeport-McMoRan gained 2.5% with rising gold prices.

Jefferies raised its price target for Freeport-McMoRan to $90 from $82. UBS also increased its target to $88 from $77, maintaining a buy rating. The stock has gained 40.07% year-to-date.

The copper fund CPER fell 0.88% to $39.46, while Southern Copper and Freeport-McMoRan also declined. A strike at Antofagasta's Centinela mine in Chile began, involving 709 workers, though the company maintains its 2026 production outlook. Three-month copper on the LME rose 0.96% to $14,614.5 per tonne, supported by Chinese restocking. Investors watch the strike's duration and Chinese demand for price direction.

UBS maintained a 'Buy' rating for Freeport-McMoRan (FCX) and raised its price target to $78.00. The stock is currently trading at $70.86, which GuruFocus deems 42.7% overvalued. FCX has a GF Score™ of 84/100, showing strong growth and profitability, but low valuation rankings. Insiders have sold $8.39 million in shares recently.

Molybdenum faces a sixth consecutive annual deficit in 2027, with demand up 8.5% in the first half of 2026, outpacing supply. Prices have risen 43% this year to $41.97/lb, according to BMO Capital Markets. Centerra Gold and Freeport-McMoRan are key producers, with the latter having 7.3% revenue exposure to molybdenum. Processing disruptions could further tighten the market, impacting metallurgical and energy infrastructure uses.

UBS raised its price target on Freeport-McMoRan to $88 from $77, maintaining a buy rating. The stock has a 5-day change of -0.43% and a 1st Jan change of +3.74%. CICC also adjusted its target to $78 from $68.