StocksMedium•29 October 2026•
1 min read
Freeport-McMoRan Faces Pressure After Third Cut to 2026 Copper Production Guidance
Key Facts
1Freeport-McMoRan's Q3 earnings rose 74% as realized copper prices climbed 40% to $6.54 a pound.
2The company cut its 2026 copper guidance for a third time to 3.0 billion pounds.
3The Grasberg mine reached 67% of capacity, with production recovering for three consecutive quarters.
Freeport-McMoRan's Q3 earnings rose 74% as realized copper prices climbed 40% to $6.54 a pound. Seeking Alpha reported that the company cut its 2026 copper guidance for a third time to 3.0 billion pounds, leading to a rating downgrade despite the strong earnings growth.
The Grasberg mine reached 67% of capacity, with production recovering for three consecutive quarters, though the company is struggling with rising US costs and increased 2027 capex projections. FCX closed at $66.6 on October 28, 2026, having traded between a low of $64.97 and a high of $66.65 during that session.