Freeport-McMoRan

Copper is the heart of Freeport-McMoRan, one of the largest publicly traded producers of the metal. The Phoenix company also mines gold and is the world's biggest producer of molybdenum, but its value rests mainly on copper demand tied to construction, electrical grids and, increasingly, electric vehicles and data centers. Its crown asset is Grasberg in the mountains of Papua, Indonesia, one of the largest copper and gold deposits ever found, alongside mines across the Americas. Like all miners, Freeport is a price-taker: it cannot set the copper price, so profit swings with a commodity driven by Chinese industrial activity and the wider global economy. It carries the political risk that comes with a giant Indonesian operation, where the government has pushed for a larger ownership stake and local smelting. Bulls own the stock as a bet on long-term copper scarcity.

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