Freeport-McMoRan fell more than 6% Thursday to just over $71, extending a 4% weekly decline as copper prices pulled back and dragged the broader mining group lower. The company’s sensitivity math indicates that each 10-cent-per-pound move in copper affects annual EBITDA (earnings before interest, taxes, depreciation and amortization) by roughly $390 million in 2027-2028. Copper had averaged $6.05 per pound on the LME (London Metal Exchange) in the second quarter, up about 40% year over year, while Freeport realized $5.78 per pound in the first quarter of 2026 versus $4.44 a year earlier. The decline comes as WTI oil rose from $76.78 on August 5 to $91.48 on September 1, drawing greater media attention. Copper’s importance to power grids, data centers, electric vehicles and housing makes the retreat a potentially meaningful economic signal, although the move could also reflect a reversal of crowded positioning. Freeport remains up 39.83% year to date and 62.39% over the past year. Investors will watch whether copper stabilizes and whether Freeport’s next earnings report meets the Street’s $0.7250 September-quarter EPS estimate.