Top 15 Commodity Producers With the Highest Upside Potential

8. Freeport-McMoRan Inc. (NYSE:FCX)

Analysts’ Upside Potential as of May 01: 33.21%

Freeport-McMoRan Inc. (NYSE:FCX) has stakes in ten copper mines, with the largest holdings being 49% of the Indonesian copper and gold operations at Grasberg, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. By volume, it was one of the largest copper miners in the world in 2024, selling around 1.2 million metric tons of copper (its share). Furthermore, the firm sold 70 million pounds of molybdenum and roughly 900,000 ounces of gold, primarily from Grasberg. By the end of December 2024, its copper reserves spanned approximately 25 years. It is ranked eighth on our list of the  Best Commodity Stocks.

Freeport-McMoRan Inc. (NYSE:FCX) had solid operational momentum in the first quarter of 2025, surpassing sales projections for copper and forecasting average quarterly copper volumes to be roughly 20% higher for the rest of the year. In the next quarters, unit net cash costs are anticipated to decrease by an average of 30%, while gold sales are projected to be almost four times Q1 levels. A premium of roughly 13% over LME prices has been observed in the U.S. copper market, which reflects tariff expectations and generates an estimated $800 million in yearly revenue for its U.S. copper sales. Smelter repairs are moving more quickly than expected in Indonesia, where the recently opened Precious Metals refinery represents a significant turning point, and solid output is expected from the Grasberg mine.

The company announced that it has successfully converted 12 out of 33 trucks at its Baghdad plant to autonomous haulage; a full fleet conversion is anticipated soon to result in considerable efficiency gains. Furthermore, Freeport-McMoRan Inc. (NYSE:FCX) is steadily advancing its low-cost leach innovation projects in the United States, with plans to increase production to 800 million pounds of copper annually from its current goal of 300 million pounds by the end of 2025.