Freeport-McMoRan

Copper is globally traded with transparent benchmarks. Freeport has negligible ability to raise prices independent of the market. Realized pricing follows LME/COMEX averages ($4.75/lb copper in 2025), and Indonesia adds royalties and duties that affect netbacks.

While smelter integration and by‑product credits support margins, they are not true pricing power. Our view assigns low structural pricing power despite near‑term tightness in copper markets.