Copper Tops $14,000 on Mine Disruptions, Boosts Freeport-McMoRan Outlook
FCX•Copper is trading above $14,000 per ton after global supply forecasts were cut by 350,000 tons, driven by disruptions at Grasberg and Kamoa-Kakula mines. Goldman Sachs raised its end-2026 copper target to $13,735, while Citigroup sees prices reaching $15,000 within a year, bolstering Freeport-McMoRan’s revenue outlook.
1. Copper Price Surge
Copper is trading above $14,000 per ton in London, roughly $500 shy of its January record high, and is up about 10% year to date on the London Metal Exchange.
2. Forecast Revisions
Goldman Sachs raised its end-2026 copper price target to $13,735/ton from $12,465, while Citigroup projects $14,500/ton this month and $15,000 within a year, driven by resilient demand in AI infrastructure and clean energy.
3. Major Mine Disruptions
Global mine supply forecasts were cut by 350,000 tons as Grasberg remains below capacity after a 2025 flood and Kamoa-Kakula lowered its 2026 guidance to 330,000 tons following seismic disruptions.
4. Implications for Freeport-McMoRan
The tightened supply outlook and higher price forecasts support stronger revenue and profit potential for Freeport-McMoRan, with accelerated US copper imports providing additional market support.
