Insights 
VT 
Freeport-McMoRan Inc. (FCX), a major copper producer, has likely completed a major correction, signalling a new bullish phase according to Elliott Wave analysis. This is buoyed by rising global copper demand and strong market momentum.
Historically, FCX’s significant rally began from a low of $3.38 in 2000, culminating in wave (I) at the 2008 peak. The financial crisis caused a steep decline, forming wave (II). FCX then recovered strongly, peaking at around $61.34 in early 2022, marking the end of a higher-degree wave I.
The drop from 2022 to 2025 manifested as a corrective pattern, bottoming near $30 and completing wave II. The rebound suggests the beginning of wave (3) of III, often the strongest part of an Elliott Wave sequence.
The bullish outlook remains valid as long as FCX stays above $3.52, the 2016 low where wave (II) ended. The long-term copper outlook is supported by demand from electrification and renewable energy initiatives.
Wave (3) could extend beyond the $60–$65 range in the coming years if the bullish momentum continues. Overall, FCX is anticipated to benefit from the expanding copper market, remaining above the $3.52 support level.
Based on the analysis, Freeport-McMoRan appears to have completed its multi-year correction and is now beginning a new, powerful upward phase. We see the recent rebound from the lows near $30 earlier in 2025 as the start of a significant rally. For derivative traders, this suggests a shift towards bullish strategies in the coming weeks.
Given the potential for a strong move, buying call options with expirations in the next few months, such as for December 2025 or January 2026, could offer leveraged exposure to the anticipated upside. This aligns with the view that the most powerful part of the Elliott Wave sequence has just begun. This bullish sentiment is reinforced by recent news from the International Energy Agency, which just last month upgraded its five-year copper demand forecast, citing faster-than-expected grid modernization projects in both North America and Asia.
We can also look at historical patterns, like the strong recovery that followed the 2008 and 2016 lows, which led to substantial multi-year rallies. The current structure mirrors those setups, suggesting a similar outcome is likely. Recent data shows that copper inventories in LME warehouses have fallen to their lowest levels since 2023, adding a fundamental supply squeeze to the bullish technical picture.
For traders with a more conservative risk appetite, selling cash-secured puts below the recent 2025 low of around $30 could be a viable strategy. This approach allows for collecting premium while defining a clear entry point if the stock pulls back. The long-term invalidation level remains far below at $3.52, giving the current bullish structure significant room to develop.
