Copper reached an intraday record of $14,694 a metric ton on the London Metal Exchange, lifting Freeport-McMoRan shares 7.2% to $77.99 as the largest U.S.-listed copper producer's earnings outlook improved alongside the metal's advance. LME three-month copper was last up 1.1% at $14,673 a ton, while Freeport had risen 44% year to date, broadly matching gains by Southern Copper and Teck Resources. Freeport's management estimates that each 10-cent increase in copper prices adds about $390 million to annual EBITDA. Its model projects $13 billion of EBITDA at $5 a pound copper and $20 billion at $7 a pound for 2027 and 2028; copper traded above $6.60 a pound in LME terms during Tuesday's session. Those company projections have not been independently verified in the new report. The rally has been supported by U.S.-bound copper shipments ahead of possible tariff action, reduced availability in non-U.S. warehouses and Chile's weak mine production. Chile has forecast a 2.6% output decline after its weakest second-quarter production in at least 19 years, while Morgan Stanley now expects global mine supply to be broadly flat or lower after initially forecasting growth. Citigroup analyst Tom Mulqueen sees copper reaching $15,000 a ton by year-end, with a $17,000 upside scenario if manufacturing or energy-transition demand exceeds expectations. The latest record report differs from earlier accounts that cited intervening LME highs of $14,635 and $14,617 a ton. The new report identified $14,527.50, set in January 2026, as the previous record. Investors are also watching the European Central Bank meeting on September 10 and U.S. inflation data due September 11, which could affect risk appetite, dollar movements and commodity-linked equities.