Quick Read
-
FCX climbed 44% YTD to $73, and applying a peer multiple to its high 2027 EPS estimate of $5.69 puts shares near $100.
-
SCCO and TECK both surged 45% YTD alongside FCX, a tight cluster signaling commodity momentum rather than company-specific execution.
-
Each 10-cent copper move generates $390M in FCX EBITDA, making LME price the dominant variable in any $100 bull thesis.
-
Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now, and Freeport-McMoRan didn’t make the cut. Enter your email to see the names that beat FCX. The report is free. Enter your email and see if any of your stocks made the cut.
Copper’s 2026 rally has turned the sector’s largest producers into what looks like a single trade, with year-to-date returns clustered inside a tight band. That’s the signature of a commodity move rather than of company execution, and it frames the debate over whether Freeport-McMoRan stock can push toward the $100 mark.
Freeport-McMoRan (NYSE:FCX) shares closed Friday at $72.73, up 44% year to date (YTD). Meanwhile, Southern Copper (NYSE:SCCO) stock finished the week at $198.76, up 45% YTD in a near-identical trajectory. Teck Resources (NYSE:TECK) stock ended Friday at $69.10, up 45% YTD, rounding out the tight cluster.
Notably, the Global X Copper Miners ETF (NYSEARCA:COPX) has climbed 27% YTD, trailing the three majors as its developer and small-miner holdings failed to keep pace. For the broader context, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 13% YTD, giving the copper trio a wide lead on the broad tape.
Copper Price Did the Heavy Lifting
The tight clustering among Freeport-McMoRan, Southern Copper, and Teck Resources reflects a commodity-driven tape. LME copper averaged $5.93 per pound year to date through June and closed at $6.30 per pound on July 22, per Freeport-McMoRan’s Q2 2026 call. Teck reported LME copper up 40% year over year (YoY) in Q2 2026, echoing the same tailwind across the peer set.
Free Report, Just Released
Why Didn’t FCX Make The Top 10 List?
24/7 Wall St has helped investors make money for over two decades, and our top analysts just finished ranking the definitive Top 10 Stocks To Buy Now. Not the ten biggest companies. Not the ten everyone is arguing about. The ten best stocks to buy right now.
And FCX didn’t make the cut!
The report is free, and you can see why we think each stock is a top investment today.
Enter Your Email and See the Ten →
The U.S. COMEX benchmark traded at a 2% premium to LME pricing, adding to Freeport-McMoRan’s revenue mix given its Arizona and New Mexico footprint. Southern Copper stock rides the same wave, with Q2 2026 revenue up 40.6% YoY to $4.29 billion and an adjusted EBITDA margin at 66.6%.
