Freeport-McMoRan vs Copper
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
FCX is highly levered to copper prices through both production and reserves. When FCX outperforms copper, equity markets are pricing a sustained copper price rise or FCX-specific catalysts. When copper outperforms FCX, miner execution risk (costs, strikes, tax changes) is weighing on equity pricing despite favorable commodity prices.
Cross-Asset Analysis
To orient the reader: Freeport-McMoRan (FCX) represents freeport-McMoRan, copper mining bellwether, tracks global industrial demand and Copper Price (Global) represents global copper price, "Dr. Copper" is a leading economic indicator, which is why this comparison sits in the cross asset pair category on Convex. In risk-on regimes, correlations across asset classes settle toward expected values, and the Freeport-McMoRan (FCX)-Copper Price (Global) spread tends to obey its historical fair value.
The connection between Freeport-McMoRan (FCX) and Copper Price (Global) runs through shared macro drivers, and isolating the spread distinguishes common factors from idiosyncratic noise. Freeport-McMoRan (FCX) belongs to the Equity Stock space, whereas Copper Price (Global) belongs to Commodities, and the interaction between those two worlds is where the notable macro information resides. Correlation trading desks quote options on the Freeport-McMoRan (FCX)-Copper Price (Global) spread once the base relationship has been quantified across sufficient regimes.
Leverage embedded in the separate markets behind Freeport-McMoRan (FCX) and Copper Price (Global) transmits the same shock at different magnitudes. Freeport-McMoRan (FCX) and Copper Price (Global) come from different asset classes, and the interaction between them encodes cross-asset macro dynamics that neither alone can express. Macro funds use the Freeport-McMoRan (FCX)-Copper Price (Global) spread to express views cleaner than single-asset trades, distilling the exact macro factor they want to bet on.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between Freeport-McMoRan (FCX) and Copper Price (Global)?+
Freeport-McMoRan (FCX) and Copper Price (Global) are connected through shared macro drivers across asset classes. When the dominant macro driver shifts, both respond, though with different sensitivities and at different speeds. The spread between Freeport-McMoRan (FCX) and Copper Price (Global) captures the specific macro signal that flows through this relationship.
When does Freeport-McMoRan (FCX) typically lead Copper Price (Global)?+
Freeport-McMoRan (FCX) tends to lead Copper Price (Global) during macro regime changes, where the more liquid asset moves first. In those periods, moves in Freeport-McMoRan (FCX) precede corresponding moves in Copper Price (Global) by days to weeks, depending on the transmission channel and the depth of each market.
How are Freeport-McMoRan (FCX) and Copper Price (Global) historically correlated?+
Long-run correlation between Freeport-McMoRan (FCX) and Copper Price (Global) varies by regime. Cross-asset correlations vary by regime, tending to tighten in stress and loosen during normal conditions. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the Freeport-McMoRan (FCX)-Copper Price (Global) relationship.
What macro conditions drive divergence between Freeport-McMoRan (FCX) and Copper Price (Global)?+
Divergence between Freeport-McMoRan (FCX) and Copper Price (Global) typically arises from idiosyncratic shocks in one asset, policy interventions, or structural shifts in demand. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in Freeport-McMoRan (FCX) or Copper Price (Global).
Is Freeport-McMoRan (FCX) a hedge for Copper Price (Global)?+
Cross-asset hedges between Freeport-McMoRan (FCX) and Copper Price (Global) work when the macro drivers of the two assets are sufficiently decorrelated, which depends on the regime and therefore needs to be reviewed as conditions change. Effective hedging requires matching the hedge to the specific risk being protected, and the Freeport-McMoRan (FCX)-Copper Price (Global) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.