Freeport-McMoRan stock rises on potential copper tariffs

Investing.com -- Shares of copper miner Freeport-McMoRan (NYSE:FCX) rose 2.3% in pre-market trading following indications from the administration of U.S. President Donald Trump that tariffs on the industrial metal might be imposed in the coming weeks.

Freeport-McMoRan, which operates copper mines in Arizona and New Mexico, has been on an upward trend as it’s anticipated to benefit from the imposition of copper tariffs.

The company’s shares have outperformed the S&P 500 Index so far this year, registering a 13% increase compared to the index’s 1.8% decline.

On March 20, the company’s stock was upgraded to ’Overweight’ at JPMorgan due to the potential benefits from the proposed tariffs.

The potential for tariffs on copper imports has been under consideration for some time, with the timeline for implementation now appearing to be shorter than previously expected.

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