← Freeport-McMoran Copper & Gold overview

Freeport-McMoran Copper & Gold vs Glencore: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Freeport-McMoran Copper & Gold Inc (FCX)

Q3 2026
▲2▼2

FCX: AI Copper Demand and Tariff Doubts Clash with Grasberg Delays

  • Q2 Profit Beat on Cost Control Freeport's Q2 profit beat expectations at $984 million despite a 7.3% revenue decline, showing strong cost control. This reassured investors that the company can manage expenses even when sales volumes are lower.

    It highlights a positive financial result that supported the stock during the period.

  • AI Data Centers Drive Copper to Record Highs AI data-center demand pushed copper prices to record highs, leading analysts to raise earnings forecasts and price targets toward $75. Goldman Sachs reiterated a Buy rating after a tariff-driven selloff, boosting investor confidence.

    It captures a key demand driver and analyst optimism that lifted FCX's outlook.

  • White House Doubts on Copper Tariffs Erase Rally White House doubts about refined copper tariffs erased the rally, causing FCX to drop 8% in a single day. This exposed the stock's reliance on expected tariffs, making it vulnerable to policy shifts.

    It explains a major negative event that reversed gains and highlighted a key risk.

  • Grasberg Delays Cut Copper Sales Volumes Grasberg ramp-up delays cut copper sales volumes roughly 30% year-over-year, with full-year guidance reduced to about 3.1 billion pounds. This caps profit potential even as copper prices remain strong.

    It shows a significant operational setback that limits near-term financial performance.

August 2026
▲2▼2

Copper hits record on AI demand, then tariff doubt knocks FCX back

  • AI data-center demand and tight copper supply push prices to record Copper hit an all-time high as AI data centers (about 50,000 tonnes per gigawatt) add huge new demand while global mine supply falls and inventories shrink. Higher copper prices directly lift FCX's revenue and profit, and analysts raised targets toward $75.

    This is the core force behind FCX's run and the biggest positive driver this period.

  • White House tariff doubt wipes out copper rally, FCX drops 8% Reports that the White House may not tax refined/processed copper removed a key reason US copper prices had run up, and copper miners reversed hard. FCX fell 8% in a day, showing how much of its recent gain rested on expected tariffs rather than current earnings.

    This is the main new negative force and the clearest explanation for FCX's sharp pullback.

  • Goldman says tariff selloff is an overreaction, keeps Buy Goldman Sachs said the Reuters tariff report contained no new decision and called the 7-8% drop an attractive entry point, reiterating Buy. That analyst support can steady the stock and draw buyers back after the tariff-driven slump.

    It is the main counterweight to the tariff selloff and directly addresses whether the drop is justified.

  • Grasberg ramp-up delays keep FCX's own copper output down FCX's copper sales volumes fell about 30% year over year and Q3 guidance implies a further 23% decline, with full-year guidance cut to ~3.1 billion pounds. Even with strong prices, lower volumes cap how much FCX can sell and profit.

    It is the company-specific operational drag that limits FCX's benefit from high copper prices.

Latest
▲2▼2

Copper hits record on AI demand, then tariff doubt knocks FCX back

  • AI data-center demand and tight copper supply push prices to record Copper hit an all-time high as AI data centers (about 50,000 tonnes per gigawatt) add huge new demand while global mine supply falls and inventories shrink. Higher copper prices directly lift FCX's revenue and profit, and analysts raised targets toward $75.

    This is the core force behind FCX's run and the biggest positive driver this period.

  • White House tariff doubt wipes out copper rally, FCX drops 8% Reports that the White House may not tax refined/processed copper removed a key reason US copper prices had run up, and copper miners reversed hard. FCX fell 8% in a day, showing how much of its recent gain rested on expected tariffs rather than current earnings.

    This is the main new negative force and the clearest explanation for FCX's sharp pullback.

  • Goldman says tariff selloff is an overreaction, keeps Buy Goldman Sachs said the Reuters tariff report contained no new decision and called the 7-8% drop an attractive entry point, reiterating Buy. That analyst support can steady the stock and draw buyers back after the tariff-driven slump.

    It is the main counterweight to the tariff selloff and directly addresses whether the drop is justified.

  • Grasberg ramp-up delays keep FCX's own copper output down FCX's copper sales volumes fell about 30% year over year and Q3 guidance implies a further 23% decline, with full-year guidance cut to ~3.1 billion pounds. Even with strong prices, lower volumes cap how much FCX can sell and profit.

    It is the company-specific operational drag that limits FCX's benefit from high copper prices.

July 2026
▲3

Grasberg Output Still Weak, But Q2 Profit Beat and AI Copper Demand Lift FCX

  • Q2 profit beat Freeport reported second-quarter profit of $984 million, up from $772 million a year earlier, beating expectations. Even though revenue fell 7.3%, the profit rise shows the company is controlling costs and making more money per pound of copper, which supports the stock.

    This is the most concrete new financial result this period and directly shows improved profitability.

  • AI data centers drive copper demand Zacks named Freeport one of three copper stocks set to benefit from the AI data center boom, with hyperscaler AI spending hitting $750 billion in 2026. Data centers use far more copper than regular buildings, boosting long-term demand for Freeport's copper.

    This reinforces the long-term demand story that is a key reason investors hold FCX.

  • Analysts raise EPS forecast Analysts lifted their earnings estimate for Freeport's upcoming quarter to $0.60 per share, up 11.1% from a year ago, citing cost control and efficiency. This signals confidence in the company's ability to manage expenses even as revenue is expected to fall.

    It shows analysts see improving profitability, which can attract buyers.

▲3

Grasberg Output Still Weak, But Q2 Profit Beat and AI Copper Demand Lift FCX

  • Q2 profit beat Freeport reported second-quarter profit of $984 million, up from $772 million a year earlier, beating expectations. Even though revenue fell 7.3%, the profit rise shows the company is controlling costs and making more money per pound of copper, which supports the stock.

    This is the most concrete new financial result this period and directly shows improved profitability.

  • AI data centers drive copper demand Zacks named Freeport one of three copper stocks set to benefit from the AI data center boom, with hyperscaler AI spending hitting $750 billion in 2026. Data centers use far more copper than regular buildings, boosting long-term demand for Freeport's copper.

    This reinforces the long-term demand story that is a key reason investors hold FCX.

  • Analysts raise EPS forecast Analysts lifted their earnings estimate for Freeport's upcoming quarter to $0.60 per share, up 11.1% from a year ago, citing cost control and efficiency. This signals confidence in the company's ability to manage expenses even as revenue is expected to fall.

    It shows analysts see improving profitability, which can attract buyers.

Q2 2026
▲3▼1

Grasberg Delays Cut Output, But Tariff and AI Copper Demand Lift FCX

  • Grasberg recovery pushed to 2028, 2026 output cut Freeport delayed full recovery at its key Grasberg mine to early 2028 after a mudflow and cut its 2026 copper sales outlook. That means less copper sold near term, which weighs on profit and the stock.

    This is the main new negative event directly hitting FCX's production and earnings.

  • 50% US copper import tariff favors FCX A 50% US tariff on imported copper makes Freeport's American-mined copper more valuable. As the largest US producer, FCX captures higher prices and is seen as a better bet than Southern Copper.

    This is a new regulatory tailwind that directly boosts FCX's pricing power and competitive position.

  • Organic growth projects to boost copper output Freeport outlined expansions at El Abra, Bagdad, and Kucing Liar that could add billions of pounds of copper. These projects promise future production growth and support the bull case for the stock.

    This is a new company-specific growth catalyst that investors are watching.

  • AI data centers and electrification drive copper demand AI data centers need up to 50,000 tons of copper each, and global copper demand is projected to outstrip supply by 2040. As the largest publicly traded copper miner, Freeport benefits from this long-term demand story.

    This is the big-picture demand driver that underpins the bullish case for copper and FCX.

June 2026
▲3▼1

Grasberg Delays Cut Output, But Tariff and AI Copper Demand Lift FCX

  • Grasberg recovery pushed to 2028, 2026 output cut Freeport delayed full recovery at its key Grasberg mine to early 2028 after a mudflow and cut its 2026 copper sales outlook. That means less copper sold near term, which weighs on profit and the stock.

    This is the main new negative event directly hitting FCX's production and earnings.

  • 50% US copper import tariff favors FCX A 50% US tariff on imported copper makes Freeport's American-mined copper more valuable. As the largest US producer, FCX captures higher prices and is seen as a better bet than Southern Copper.

    This is a new regulatory tailwind that directly boosts FCX's pricing power and competitive position.

  • Organic growth projects to boost copper output Freeport outlined expansions at El Abra, Bagdad, and Kucing Liar that could add billions of pounds of copper. These projects promise future production growth and support the bull case for the stock.

    This is a new company-specific growth catalyst that investors are watching.

  • AI data centers and electrification drive copper demand AI data centers need up to 50,000 tons of copper each, and global copper demand is projected to outstrip supply by 2040. As the largest publicly traded copper miner, Freeport benefits from this long-term demand story.

    This is the big-picture demand driver that underpins the bullish case for copper and FCX.

▲3▼1

Grasberg Delays Cut Output, But Tariff and AI Copper Demand Lift FCX

  • Grasberg recovery pushed to 2028, 2026 output cut Freeport delayed full recovery at its key Grasberg mine to early 2028 after a mudflow and cut its 2026 copper sales outlook. That means less copper sold near term, which weighs on profit and the stock.

    This is the main new negative event directly hitting FCX's production and earnings.

  • 50% US copper import tariff favors FCX A 50% US tariff on imported copper makes Freeport's American-mined copper more valuable. As the largest US producer, FCX captures higher prices and is seen as a better bet than Southern Copper.

    This is a new regulatory tailwind that directly boosts FCX's pricing power and competitive position.

  • Organic growth projects to boost copper output Freeport outlined expansions at El Abra, Bagdad, and Kucing Liar that could add billions of pounds of copper. These projects promise future production growth and support the bull case for the stock.

    This is a new company-specific growth catalyst that investors are watching.

  • AI data centers and electrification drive copper demand AI data centers need up to 50,000 tons of copper each, and global copper demand is projected to outstrip supply by 2040. As the largest publicly traded copper miner, Freeport benefits from this long-term demand story.

    This is the big-picture demand driver that underpins the bullish case for copper and FCX.

Glencore PLC (GLEN.LSE)

Q3 2026
▲3▼1

Glencore surges on profit jump, buyback, copper growth; fraud scandal weighs

  • Profit surge and shareholder returns First-half profit jumped 86% to $4.4bn, driven by Middle East conflict-related commodity prices. Glencore announced a $500m buyback and an 8.5c special dividend, returning cash to shareholders.

    This is the main positive force behind the stock's rise, showing strong earnings and cash returns.

  • Copper output growth and bullish outlook Copper output rose 15%, on track for 1 million tonnes by 2028. BofA raised its copper price forecast by 20% and rated Glencore a Buy, boosting investor confidence.

    Copper is a key profit driver, and higher output plus analyst upgrades support the stock.

  • Trading arm outperformance and new deals The trading division earned $3.3bn, already exceeding all of last year. Glencore also signed a $1bn battery-recycling offtake and backed the Marathon copper project, expanding future growth.

    Trading profits provide stability and the new deals signal strategic expansion.

  • Radiant fraud scandal deepens An executive was suspended amid a $2bn lawsuit and a $480m provision, raising legal and reputational risks. This scandal could weigh on the stock despite strong operational results.

    This is the main counterweight, highlighting potential legal and reputational damage.

September 2026
▲3▼1

Glencore hit by fraud scandal, but copper and recycling deals lift outlook

  • Radiant fraud scandal deepens Glencore suspended an executive after messages showed he told Radiant to avoid email, and faces a $2bn lawsuit plus a $480m provision. This raises legal and reputational risk, weighing on the shares.

    This is the biggest negative force this period, directly hitting Glencore's finances and trust.

  • BofA raises copper forecast, rates Glencore Buy BofA lifted its long-term copper price forecast 20% to $12,000 and rated Glencore Buy with a 650p target, citing copper growth options. Higher copper prices mean more profit for Glencore's key metal.

    Analyst upgrade and higher copper price forecast directly support Glencore's valuation.

  • Glencore signs $1bn battery recycling offtake Glencore will supply black mass to Nth Cycle and buy back lithium and nickel over ten years. This expands its battery-materials trading and positions it in the growing recycling market.

    New long-term supply deal adds a revenue stream and strengthens Glencore's battery metals business.

  • Glencore backs Marathon copper project Glencore invested in Generation Mining's Marathon project and agreed to buy its copper concentrate for its Horne smelter. This secures feed for its processing assets and supports future copper supply.

    Investment and offtake deal enhance Glencore's copper business and downstream operations.

Latest
▲3▼1

Glencore hit by fraud scandal, but copper and recycling deals lift outlook

  • Radiant fraud scandal deepens Glencore suspended an executive after messages showed he told Radiant to avoid email, and faces a $2bn lawsuit plus a $480m provision. This raises legal and reputational risk, weighing on the shares.

    This is the biggest negative force this period, directly hitting Glencore's finances and trust.

  • BofA raises copper forecast, rates Glencore Buy BofA lifted its long-term copper price forecast 20% to $12,000 and rated Glencore Buy with a 650p target, citing copper growth options. Higher copper prices mean more profit for Glencore's key metal.

    Analyst upgrade and higher copper price forecast directly support Glencore's valuation.

  • Glencore signs $1bn battery recycling offtake Glencore will supply black mass to Nth Cycle and buy back lithium and nickel over ten years. This expands its battery-materials trading and positions it in the growing recycling market.

    New long-term supply deal adds a revenue stream and strengthens Glencore's battery metals business.

  • Glencore backs Marathon copper project Glencore invested in Generation Mining's Marathon project and agreed to buy its copper concentrate for its Horne smelter. This secures feed for its processing assets and supports future copper supply.

    Investment and offtake deal enhance Glencore's copper business and downstream operations.

July 2026
▲4

Glencore's profit surges on Middle East volatility, buyback and Australian listing planned

  • First-half profit surges 86% on Middle East conflict Glencore swung to a $4.4 billion first-half profit from a loss last year, with earnings up 86% as commodity prices jumped during the Iran war. This beat expectations and directly boosts the shares.

    This is the core new financial result driving the stock higher.

  • Trading arm profits $3.3 billion in first half Glencore's marketing business made about $3.3 billion in the first half, already more than all of last year, thanks to wild price swings during the Iran war. This shows the company can profit from volatility.

    Highlights a key earnings driver that exceeded full-year 2025 already.

  • $500 million buyback and special dividend announced Glencore will buy back $500 million of its own shares and pay a special cash distribution of 8.5 cents per share. Returning cash to shareholders supports the share price.

    Buybacks and special dividends are direct positive signals for the stock.

  • Copper production up 15%, on track for 1 million tonnes First-half copper output rose 15%, and Glencore remains on track to produce about 1 million tonnes annually by 2028. Higher volumes mean more revenue and profit potential.

    Shows operational growth that underpins future earnings.

▲4

Glencore's profit surges on Middle East volatility, buyback and Australian listing planned

  • First-half profit surges 86% on Middle East conflict Glencore swung to a $4.4 billion first-half profit from a loss last year, with earnings up 86% as commodity prices jumped during the Iran war. This beat expectations and directly boosts the shares.

    This is the core new financial result driving the stock higher.

  • Trading arm profits $3.3 billion in first half Glencore's marketing business made about $3.3 billion in the first half, already more than all of last year, thanks to wild price swings during the Iran war. This shows the company can profit from volatility.

    Highlights a key earnings driver that exceeded full-year 2025 already.

  • $500 million buyback and special dividend announced Glencore will buy back $500 million of its own shares and pay a special cash distribution of 8.5 cents per share. Returning cash to shareholders supports the share price.

    Buybacks and special dividends are direct positive signals for the stock.

  • Copper production up 15%, on track for 1 million tonnes First-half copper output rose 15%, and Glencore remains on track to produce about 1 million tonnes annually by 2028. Higher volumes mean more revenue and profit potential.

    Shows operational growth that underpins future earnings.

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