Freeport had a good session overnight gaining +4.4%, following the copper price higher, recovering from some recent weakness after the company reduced 2026 copper and gold sales forecasts because of operational delays at the Grasberg mine in Indonesia — specifically wet ore conditions at Grasberg Block Cave that are bottlenecking material handling infrastructure.
For us, FCX is a classic case of an exceptional long-term asset temporarily impaired by an operational setback at a single mine. For investors with a 2–3 year horizon, the combination of a structural copper Supercycle, a defined technical fix at Grasberg, and extraordinary operating leverage at recovered production levels makes the current pullback a great buying opportunity.
- We can see Freeport test the $US75 area through 2026/7 – MM owns FCX in the International Equities portfolio.
We are long & bullish towards Freeport around $US64
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