FCX · 10-Q · 2026Q2 · Full report

Copper Market Demand Trends

FREEPORT-MCMORAN INC · 2026-08-06 · Importance 17 · Surprise 24 · In source text

Copper prices reached record highs during the filing period, with LME copper closing at $6.56 per pound on August 6, 2026, and COMEX copper closing at $6.70 per pound on August 5, 2026. Management said direct effects of the Middle East conflict on copper demand were limited, but higher energy and freight costs were weighing on global manufacturing and delaying demand recovery, particularly in energy-importing regions. Long-term copper demand is supported by electrification, urbanization in developing countries, data centers, artificial intelligence growth and global connectivity. Molybdenum demand is driven by energy, power generation, aerospace and construction, while management cited favorable fundamentals and limited supply.

Key facts

• The impact of price changes on consolidated operating cash flows for the second half of 2026 would approximate $150 million for each $0.10 per pound change in copper price, $40 million for each $100 per ounce change in gold price and $45 million for each $2 per pound change in molybdenum price. source
• During second-quarter 2026, LME copper settlement prices averaged $6.05 per pound (low $5.51, high $6.39) and closed at $6.05 per pound on June 30, 2026; LME closed at $6.28 per pound on July 31, 2026 and $6.56 per pound on August 6, 2026 (all-time high). source
• During second-quarter 2026, COMEX copper settlement prices averaged $6.16 per pound (low $5.54, high $6.65) and closed at $6.19 per pound on June 30, 2026; COMEX closed at $6.44 per pound on July 31, 2026 and $6.70 per pound on August 5, 2026 (all-time high). source
• During second-quarter 2026, London PM gold prices averaged $4,506 per ounce (low $4,002, high $4,871) and closed at $4,026 per ounce on June 30, 2026; London PM closed at $4,027 per ounce on July 31, 2026. source

Impact estimates