Freeport-McMoRan (FCX) has released its third-quarter 2026 copper and gold production update, with volumes broadly in line with internal expectations and part of Indonesian gold output shifted into the fourth quarter. After a softer stretch, the share price fell 3.87% over one day and 3.12% over seven days, but it remains up 34.07% year-to-date and 68.47% over one year. The most-followed valuation narrative puts fair value at $73.14, above the latest close of $69.62, while the P/E of 34.1x compares with a fair ratio of 27.5x and peer levels near 19.8x. The article flags risks including setbacks at Grasberg or higher-than-planned Bagdad capital spending, which could challenge the valuation case.
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