FCX · 10-Q · 2026Q2 · Full report

Middle East Conflict Impact

FREEPORT-MCMORAN INC · 2026-08-06 · Importance 29 · Surprise 24

The ongoing Middle East conflict is increasing copper price volatility and producing secondary effects through higher energy prices and freight costs. Management says these effects are weighing on global manufacturing activity and delaying demand recovery, particularly in energy-importing regions. The conflict is also included in 2026 cost assumptions because changes in energy prices and other consumables could affect consolidated unit net cash costs.

Key facts

• The conflict in the Middle East is contributing to copper price volatility and causing secondary effects including higher energy prices and freight costs that are weighing on global manufacturing activity and delaying demand recovery in energy-importing regions. source