Freeport-McMoRan Inc. (NYSE:FCX) shares are falling on Thursday after reports that the White House has yet to decide on copper tariffs, raising concern the administration may ultimately abandon the plan given worries about higher manufacturing costs. Here’s what you should know.
- Freeport-McMoRan stock is feeling bearish pressure. What’s pressuring FCX stock?
White House Still Undecided On Copper Tariffs
Officials inside the administration remain split on whether to move forward with duties on refined copper, torn between the inflationary risk higher metal prices could pose for manufacturers and the upside of jumpstarting mining activity on U.S. soil, according to Reuters, with the debate playing out just months before midterm voters head to the polls.
The mere possibility of tariffs has already sent copper prices to fresh records, as buyers raced to build up domestic supply, and the ongoing indecision is reportedly keeping producers from routing metal abroad, squeezing global supply. A White House official said the government continues weighing ways to “reshore copper and other critical manufacturing back to the United States,” language that fell short of guaranteeing tariffs will ultimately materialize.
Roughly half of America’s copper supply comes from overseas, with only two domestic smelters, one belonging to Freeport-McMoRan and the other to Rio Tinto, meaning tariffs could strengthen the case for mining and refining at home while squeezing manufacturers that depend on the metal.
President Donald Trump had directed Commerce Secretary Howard Lutnick to recommend whether to impose a 15% duty starting in 2027, climbing to 30% by 2028, though what Lutnick advised hasn’t been made public.
FCX’s Chart Shows a Stock Cooling Off After a Strong Run
That macro uncertainty is playing out against a stock that’s already taking a breather technically. Shares have pulled back to about 3.5% under their 20-day average near $73.38, even as they remain roughly 5.5% above the 50-day mark of $67.17, a pattern more commonly associated with a stock catching its breath than one rolling over into a real downtrend. Momentum has similarly leveled off, with RSI reading 47.69, squarely in neutral range and no longer flashing the overheated signals that showed up during the summer climb.
Zooming out, the longer-running trend picture hasn’t broken down, since the 20-day average still sits above the 50-day, and that line in turn remains above the 200-day mark. Still, with the stock having notched both a swing high and a fresh 52-week peak back in August, the burden now falls on buyers to hold the line during pullbacks if the uptrend is going to stay credible.
Traders are keeping an eye on $71.50 on the upside, a spot where past bounces have run out of steam, and $58.50 on the downside, a more significant floor that would come into focus only if selling pressure builds further.
FCX Shares Are Dropping
FCX Price Action: Freeport-McMoRan shares were down 6.99% at $70.91 at the time of publication on Thursday, according to Benzinga Pro.
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