Freeport-McMoRan shares fell nearly 8% to $70.43 Thursday as London Metal Exchange three-month copper dropped 3.1% to $14,312 per tonne after reaching a record $14,875 earlier in the session. The reversal followed a report that the White House had not decided whether to impose tariffs on refined copper, weakening the scarcity premium built into prices by expectations of U.S. inventory accumulation. Southern Copper and Teck Resources each fell 7%, while the Global X Copper Miners ETF declined 7%; the SPDR S&P 500 ETF Trust fell 0.41%, highlighting the sector-specific nature of the selloff. Freeport's sensitivity to copper prices was amplified by operational pressure at its Grasberg mine in Indonesia, which remains below full capacity through the second half of 2026 after a September 2025 mudslide. Despite the decline, updated Thursday figures show FCX up 40% year to date, while Southern Copper and Teck remain up 42% and 36%, respectively.