FCX vs SCCO — which stock performed better?

Freeport-McMoRan Inc. (FCX) versus Southern Copper Corporation (SCCO), Materials, on 2026-07-28.

Result

Southern Copper Corporation (SCCO) performed better on 2026-07-28. FCX moved 1.070%, SCCO moved 1.500%.

Why these two companies

Freeport-McMoRan and Southern Copper both just delivered blowout Q2 2026 earnings within days of each other -- FCX beat on July 23 with adjusted EPS of $0.74 versus $0.59 expected, while SCCO topped estimates with EPS of $2.01 versus $1.95 expected and revenue up 40.6% year-over-year -- putting the two biggest publicly traded copper miners squarely in a head-to-head debate as copper prices trade near record levels. With copper still hovering around $6.33 per pound as of July 27, 2026, investors are actively weighing which miner is better positioned for the back half of the year.

The research

Freeport-McMoRan digs up and processes copper, gold, and other metals from large mines in the Americas and Indonesia, while Southern Copper does the same primarily from mines in Peru and Mexico. Both companies just reported very strong quarterly results in the same week, and both are riding the same wave of high copper prices driven by demand for electric vehicles, power grids, and AI data centers.

One reason to like Freeport-McMoRan is its size and diversification across multiple countries and metals, plus its position as a major supplier tied to U.S. industrial and infrastructure needs. One reason to like Southern Copper is its track record of consistently beating expectations and its typically lower production costs, which can mean fatter profit margins when copper prices are high.

Something to keep in mind with Freeport is that a large part of its production comes from a single giant mine in Indonesia, so any disruption there can have an outsized effect on results. Something to keep in mind with Southern Copper is that its mines are concentrated in Peru and Mexico, so local political or regulatory changes in those countries can matter a lot to the stock.

Both companies' stock prices tend to move a great deal with the day-to-day price of copper itself, so broader commodity market news can matter just as much as anything the companies do on their own.