Yahoo Finance listed copper futures (HG=F) down 0.02% and Freeport-McMoRan (FCX) down 1.95%, but the broader environment remains favorable for copper producers as demand for the metal stays strong across several major industrial uses.

Copper is used in products ranging from copper coil and copper plate to ultra-pure copper materials used in high-speed computer chips. It is also central to the wiring and related equipment required for data centers, making the metal a link between traditional construction, electrification and the spending plans of the largest technology companies.

Copper was trading at $6.32 per pound in New York and $13,895 per ton in London, slightly below all-time highs reached in May. According to Macrotrends, copper prices in both New York and London have risen more than 700% since the end of 1999.

Freeport-McMoRan reports higher second-quarter profit

Freeport-McMoRan (FCX), the largest U.S.-based copper miner, reported a 28% increase in second-quarter profit on July 23, even as revenue declined 7.3%, Barron's reported.

Shares of the Phoenix, Arizona-based company were down 2.6% at $63.60 at the time of writing on July 23, while remaining up 24% so far in 2026.

Freeport-McMoRan operates the giant Grasberg mine in Indonesia and also has mines in Arizona and New Mexico, as well as in Peru and Chile. The company is the world's largest producer of molybdenum, which is used to make high-strength steel. Freeport-McMoRan also says Grasberg is one of the largest single gold deposits in the world.

Copper is widely used because of its ability to transmit power and information. The metal is believed to have been present on Earth since the planet's early formation and has been used over time as a decorative metal, in ancient weapons, and now in modern electrical and digital infrastructure.

Copper demand spans electrification, buildings and data centers

Copper demand is tied to several major areas of economic activity. It is needed for the expansion of electrification, for plumbing in new housing and commercial buildings, and for the rapid build-out of data centers around the world.

Google parent Alphabet spent $44.9 billion in the second quarter and raised its full-year spending estimate to $195 billion to $205 billion, according to Business Insider. That is more than double its 2025 spending.

Data centers consume large amounts of copper. A Standard & Poor's report said data centers use about 25 to 47 metric tons of copper per megawatt of power. For a data center expected to require 100 megawatts of power, copper demand could approach 2,500 to 5,000 tons.

Alphabet needs copper for that infrastructure. So do Microsoft, Meta Platforms, Apple, Amazon and Nvidia, among other large technology companies. That makes copper demand one of the industrial inputs behind the build-out of artificial-intelligence and cloud-computing infrastructure, even though the spending is reported by technology companies rather than mining companies.

Alphabet shares were down more than 7% to $318 on July 23 after investors reacted negatively to the company's projection for a sharp increase in capital spending.

Continued data-center growth is relevant for Freeport-McMoRan and competitors such as Australia's BHP and Chile's state-owned Codelco, Investing News Network reported. It also matters for leading copper-producing countries, including Chile, Australia, Peru, Russia and the United States.

Freeport trims cash-flow projection

Wall Street's consensus estimate had called for Freeport-McMoRan to report earnings of 62 cents per share, Barron's said, compared with 54 cents a year earlier. Revenue fell 7.3% to $7.03 billion from $7.6 billion a year earlier, but the decline was smaller than expected.

Freeport-McMoRan does not provide revenue or earnings guidance. It does provide estimates for operating cash flow and the commodity prices it expects, so changes to those assumptions are an important way the company communicates how metal prices and mine output are affecting its outlook.

The company reduced its year-end cash-flow projection to $8.3 billion from the $8.7 billion estimate it issued in March. The reduction was mostly tied to a lower expected gold price of $4,000 an ounce, down from the $4,500 an ounce projected in March. Production from the company's Indonesia mine is also expected to be lower than originally anticipated.

Some analysts believe Freeport-McMoRan shares are overbought and could decline. That view assumes copper prices and demand will fall, although S&P Global has expressed skepticism about that scenario.

In an estimate released in January 2026, S&P Global projected that global copper demand would rise from 28 million metric tons to 42 million tons by 2040, a gain of 50%.

This story was originally published by TheStreet on July 23, 2026, where it first appeared in the Economy section.