Freeport-McMoRan (NYSE:FCX) shares fell more than 5% in premarket trading on Thursday as copper prices moved lower after reaching a record high earlier in the session.
Three-month copper on the London Metal Exchange declined 0.2% to $14,743 per metric ton after touching an all-time high of $14,875.
The pullback followed five consecutive sessions of gains for copper. The recent increase has coincided with concerns about tightening inventories outside the United States.
Copper has risen 19% this year as metal moved into U.S. warehouses ahead of potential tariffs on refined copper imports, reducing availability in other consuming regions.
The metal is widely used across the power and construction industries.
Freeport-McMoran stock price
