Freeport-McMoRan Hits Record High, Powered by Strong Copper Prices

Freeport-McMoRan Inc. shares moved higher on Friday and touched an all-time high, extending a strong rally in copper-related stocks. Here's what you need to know.

Freeport-McMoRan shares are approaching key resistance levels. What's behind FCX's new high?

Strong Copper Prices and Broad Market Participation Drive FCX Higher

Freeport-McMoRan is benefiting from renewed focus on copper-related stocks, with Friday's overall market showing broad participation as 8 of 11 sectors advanced and the advance/decline ratio stood at 2.7. This move also extends the stock's strong performance over the past 12 months, with buyers pushing the stock further above key moving averages rather than stalling at previous resistance levels.

The broader market backdrop was also favorable, with the Dow Jones up 0.53% and the Russell 2000 up 0.27%, although the Nasdaq slipped slightly. In this environment, FCX outperformed both the materials sector and the broader market, suggesting that demand for cyclical and materials exposure is targeted rather than the stock simply following the broader market higher.

FCX Chart Shows Stock Extending Breakout

This sector-wide strength is clearly visible on Freeport-McMoRan's own chart. The stock hit an all-time high on Friday, trading between $74.40 and $77.33 on the day, breaking above its previous 52-week range of $35.15 to $72.275.

The stock is trading approximately 12.3% above its 20-day moving average of $67.05 and about 27.4% above its 200-day average of $59.14, keeping the long-term trend firmly upward. The 20-day average sits above the 50-day average, which in turn sits above the 200-day average, reflecting a bullish alignment across multiple timeframes that typically indicates buyers are firmly in control.

Momentum indicators support this picture. The MACD line remains above its signal line with a positive histogram, showing improving upside pressure compared to the stock's earlier pullback. In fact, such a reading typically means buyers step in quickly on dips rather than allowing selling pressure to build.

With the stock having broken above its previous 52-week high of $72.28, this former ceiling could potentially become new support if the stock consolidates rather than corrects significantly. The stock's recent move also includes a June swing high and a July swing low, after which the stock has been recovering strength.

Traders are watching $65.50 as key support, a level where buyers have previously stepped in and which closely aligns with the stock's 50-day moving average of $64.65 and 50-day exponential moving average of $65.42.

FCX Stock Rises

FCX price action: Freeport-McMoRan shares were up 5.28% at $74.98 at the time of writing on Friday. The stock is trading at 52-week highs.