Freeport-McMoRan: Less Copper Supply Isn't All Bad

Freeport-McMoRan remains bullish despite Grasberg mine setbacks, as reduced output supports higher copper prices amid robust demand. Q1'26 revenues rose 8.7% YoY to $6.23B, with EPS at $0.57 helped by a $700 million insurance payout, offsetting production declines. FCX now targets 2026 copper sales of 3.1 billion lbs, with Grasberg at 0.8 billion lbs and full capacity delayed to late 2027.