Freeport-McMoRan (FCX) Stock Falls 7% as Copper Pulls Back from Record High
TLDR
- FCX stock dropped more than 7% as copper prices retreated from an all-time high of $14,875 per metric ton
- Three-month copper on the LME slipped 0.2% to $14,743 a metric ton after five straight sessions of gains
- Traders are questioning whether the copper rally has become overstretched
- Copper is up 19% this year, driven by metal flowing into U.S. warehouses ahead of potential tariffs on refined copper imports
- Surging bond yields and profit-taking across industrial metals are adding to the selling pressure on FCX
Freeport-McMoRan (FCX) dropped more than 7% on Thursday as copper prices pulled back sharply from record highs, dragging the stock down with them.
Three-month copper on the London Metal Exchange fell 0.2% to $14,743 a metric ton. That came after the metal hit an all-time high of $14,875 earlier in the session.
The retreat followed five consecutive sessions of gains, and traders are now asking whether the rally ran too far, too fast. There is no company-specific news driving the decline.
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