FCX – Freeport-McMoRan Inc.

FCX – Freeport-McMoRan Inc.

Dr Copper sends Freeport-McMoran to all-time highs.

Date: 3 June 2026

Sector: Non-Energy Minerals / Other Metals & Minerals

Exchange: New York Stock Exchange

TradingView link: 1M candles & 4H candles

Opening/macro/sector context

Freeport-McMoran is involved in mining copper, gold, and molybdenum, but is primarily known as a copper miner.

So this will be of particular interest to Ross 🙂.

This is a tale of two cities.

Back in 2008, the story was driven by the housing boom, the global build-out boom, and, post-GFC, rapid growth in China then took up the slack. That created a perfect storm where copper demand surged, and that growth in demand helped push the price higher.

Nearly 20 years later, the story is different.

We have not built that many new copper mines in the meantime, but demand for copper is rising again. This time, the demand is coming from the electricity build-out: pylons, cars, data centres, electrification, grid infrastructure, and everything else that needs more copper.

So what we have now is increasing demand, but not much new supply coming on.

The only real way this can be rectified is through higher prices. Higher copper prices are needed both to encourage future supply and to curb demand where necessary.

That is the wider macro backdrop behind this Freeport-McMoran setup.

Long-term structure

Looking at the longer-term structure, the stock has now popped out of the top-right side of the pink box on the monthly timeframe.

However, while it has broken out, it has not yet made much progress in terms of momentum.

At the moment, the price is still hanging around the top of the pink box rather than really accelerating away from it.

What I want to see here is momentum properly kick in. Ideally, Freeport-McMoran needs to get above the $70–$71 area with clear thrust and momentum behind it.

That would give more confidence that the stock is not just flirting with the old highs, but actually starting a proper new leg higher.

Lower timeframe / recent structure

Moving down to the 4-hour timeframe, we get a much better idea of what has been happening around the top of the pink box.

There have been several moves above the box, but also several false breakouts.

It would be easy to simply move the pink box higher and include all the recent candles within a single larger consolidation. But in this case, I think leaving the box where it is actually shows us something useful.

It allows us to see whether the market can break out of this important historical level.

If the price falls back into the box, that would be an indication to potentially stay away and avoid entering the trade.

If I moved the box above the current set of candles, it might give the false impression that the next move above that level would be the real breakout. But for this setup, I want to be more certain that the stock has genuinely broken out'. That matters because the current level also marks an important high dating back to 2008.

As all good box drawers will appreciate, the market does have a memory. These key pivotal levels matter because they act as anchors in the minds of traders and investors.

On the lower timeframe, Freeport-McMoran is still skirting that old all-time high area and struggling to break away, a signal of indecision.

There have been a number of touches around the $70.74 level.

Because the stock has been flirting with this area for so long, I want to set the bar slightly higher before taking the trade.

I need to see three clear daily closes above this level, followed by a good structure of higher highs and higher lows above the $71 area.

That would give me much more confidence that the breakout is real and that the stock is not about to fall back into the pink box.

Entry trigger:

Three clear daily closes above the $70.74–$71 level and formation of HHs and HLs.

Initial stop loss:

Last 4-hour swing low.

Multi-timeframe correlation:

3M: Blue candle

1M: Blue candle

1W: Blue candle

1D: Blue candle

4H: Blue candle

When should I tighten the stop-loss?

Tighten the stop-loss as price moves higher and creates new clear 4-hour swing lows.

When do I add to the position?

Add to the position when price creates a new clear 4-hour swing low, provided the breakout remains intact and price stays above the key breakout area.

Potential target range:

$96

Activated price targets:

1

Am I in this trade?

No

Current R multiple:

0R