Freeport-McMoRan (FCX) remains one of the worldâs largest and most strategically positioned copper producers, delivering approximately 4.21 billion pounds of copper in 2024, with similar expectations for 2025. These volumes place FCX among the most influential suppliers globally, supported by large, long-lived mines across the Americas and Indonesia. Its scale, diversified ore bodies, and ongoing operational improvements reinforce the companyâs importance in meeting rising copper demand, while expanded smelting capacity in Indonesia strengthens FCXâs participation across the full copper value chain.
The company also maintains a strong sustainability profile, having achieved full Copper Mark certification at all eligible sites, an ESG assurance recognizing responsible production practices. This positions FCX well, as customers and investors increasingly prioritize traceable, ethically sourced metals.
Copper itself is widely viewed as the ânew oilâ of electrification because of its essential role in electric vehicles, renewable power systems, grid expansion, and digital infrastructure. With long-term demand expected to outpace supply, FCXâs scale, responsible-production credentials, and strategic asset base place it among the best-positioned beneficiaries of the global shift toward electrification and decarbonization.
One of the key takeaways from todayâs review is that Freeport-McMoRanâs stock effectively behaves like a leveraged play on copper, tending to follow moves in the metal with a modest lag as investors take their cues from copper prices. To illustrate this, before we turn to FCX we will review the point and figure chart of the High Grade Copper continuous contract (HG.F) on the SIA platform, scaled at 5% for long-term analysis. The chart reflects a constrained price structure that routinely corrects near the $5.00 level, with a well-established long-term trend line now sitting near $3.00. Prices in 2025 challenged this zone, moving above $5.32 in the summer before retreating in early autumn, then setting a higher low and once again approaching prior highs. This potential setup would produce a bullish point and figure catapult, which would be triggered by a close at $5.86, identified as initial resistance in red. Using vertical P&F count methodology, a secondary resistance line has been drawn at $7.86, representing a further move of approximately 35% above that breakout level.
Now that we have window-paned FCX against the product it sells, we turn to the long-term point and figure chart of FCX itself, where the stock has moved steadily into the favored zone of the SIA S&P 500 Index Report and currently ranks at position #118. The chart shows a significant 18-year resistance zone between $46.64 and $51.42, highlighted with a pink band. While $46.64 may present the first notable resistance, the more consequential level might be $53.99, as a breakout above this threshold could mark a decisive long-term advance.
Such a move might signal that investors are embracing the view of copper as the "new oil" and that the traditional boom-and-bust dynamics of the copper cycle may be shifting; though that remains to be seen. If FCX were to break above $53.99, applying the same P&F counting methodology yields an upside target of $83.76, representing a potential 55% move from the breakout level and consistent with the leveraged relationship between the producer and its underlying commodity.
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