$Freeport Mcmoran(FCX.US) Assuming a long-term copper price range of $3.5–3.8 per pound, FCX's normalized net profit is approximately $4.5–5.5 billion, corresponding to a cyclical PE multiple of 10–12x. Factoring in a structural premium of 1.2–1.3x due to the power revolution and supply rigidity, the reasonable market cap range is approximately $65–75 billion. The current market cap of around $93.5 billion clearly reflects high copper prices and trend premiums, awaiting a pullback.