Freeport-McMoRan Shares Rise 7.2% as Copper Hits $14,694 Record High

Freeport-McMoRan shares rose 7.2% as copper prices climbed to a record $14,694 per ton on September 8, 2026. This move follows tightening global supply and persistent demand for the industrial metal.

This price surge marks a new intraday all-time high, beating the previous record of $14,527.50 established in January 2026, according to data from Yahoo Finance.

"Supply will come, but the question is how quickly," said Anglo American Chief Operating Officer Ruben Fernandes.

Why Copper Prices Are Climbing

The rally in copper prices is attributed to production hurdles in Chile, the world's largest producer of the metal. Chilean mining operations reported their weakest second-quarter output in at least 19 years. Consequently, the country cut its full-year production forecast for the second consecutive quarter.

As global supply becomes constrained, market participants are focused on the ability of major producers to meet the rising demand for US-bound metal. This metal is essential for infrastructure and electrification projects.

Impact on Freeport-McMoRan Financials

For Freeport-McMoRan, the price of copper drives profitability. According to the company's management sensitivity model, each 10-cent rise in the price of copper adds approximately $390 million to its annual EBITDA.

This sensitivity explains why the company's stock price often tracks with fluctuations in the London Metal Exchange (LME) three-month copper contract. The current market environment, featuring record-high prices, increases the revenue potential of Freeport-McMoRan’s existing mining portfolio.