Shares of FCX climbed near key support levels after copper prices surged on stronger Chinese demand and supply disruptions in Chile.
Freeport-McMoRan (FCX) shares advanced Tuesday as copper prices reached a one-month high, driven by reports of firmer demand in China and production shortfalls in Chile due to rainstorms. The United States Copper Index Fund ETF (CPER) also moved past an early entry buy point amid the rally.
Copper prices had previously faced pressure from speculation over potential U.S. tariffs on refined copper, which could take effect next year. Analysts had warned that a 15% tariff might dampen market sentiment, but recent supply concerns outweighed those fears.
FCX is set to report second-quarter earnings early Thursday, with investors monitoring whether the copper price rebound will translate into stronger financial results.