The largest listed copper miner FCX soared over +7% on Friday night in US trade, its best one-day move since April last year, breaking out to new highs in the process. The miner enjoyed tailwinds from the copper supply squeeze and the Treasury bond buying news. While it would be easy to grab profits, the bull market remains in control. There are short term risks around news on the tariff front, but the medium-term picture remains very supportive. This is a trade for years, not weeks or months in our opinion.
- We can see FCX continuing to trade higher in 2026/27 – MM owns FCX in our International Equities Portfolio.
MM is long and cautiously bullish toward FCX around US$76
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