New York, Jan 26, 2026, 19:20 EST — After-hours
- Freeport-McMoRan hit a new 52-week peak, closing up 1.26% at $61.17.
- Gold jumped beyond $5,100 an ounce, drawing attention to miners as investors chased safety
- Copper hovered around $6 per pound as investors awaited the Federal Reserve’s decision on Jan. 28
Freeport-McMoRan (FCX.N) hit a new 52-week peak Monday, then slipped back to close up 1.26% at $61.17. The stock surged alongside miners as gold hit fresh highs but lost ground late in the session. (Freeport-McMoRan Investors)
That’s crucial now since metals have swung back into a macro play. Gold has drawn investors as a safe-haven—an asset sought in times of uncertainty—and that mood can ripple into copper stocks, even if copper prices remain volatile.
Freeport’s cash flow hinges largely on copper, with gold adding a significant boost. On Monday, U.S. benchmark copper dipped to around $5.92 a pound, retreating slightly after a strong surge earlier this month. (Trading Economics)
FCX’s price action was all over the place. It jumped at the open, hitting the day’s peak within minutes, but then slid down through the afternoon, closing near the session low rather than the high.
Gold shot past $5,100 an ounce on Monday, hitting a record high as investors piled in amid policy uncertainty and a weaker U.S. dollar. Kyle Rodda, senior market analyst at Capital.com, pointed to “a crisis of confidence in the U.S. administration and U.S. assets” as the key driver behind the surge. (Reuters)
The wider mining sector also picked up steam. Newmont (NEM.N) climbed roughly 3%, while Barrick Mining (ABX.TO) added about 2.3%, according to Reuters. Societe Generale analysts have revised their forecast, now expecting gold to hit $6,000 an ounce by the end of the year. (Reuters)
Attention is on the Federal Reserve, which is widely expected to hold rates steady between 3.50% and 3.75% this week. “The near-term outlook is benign,” said Michael Pearce, chief U.S. economist at Oxford Economics. Yet political pressure on the central bank is increasingly part of the narrative. (Reuters)
Freeport is facing fresh market pressure amid ongoing operational challenges. On Jan. 22, the miner posted profits that exceeded expectations, buoyed by rising copper and gold prices despite production setbacks caused by disruptions at Grasberg in Indonesia. The company signaled plans for a phased restart in the second quarter. (Reuters)
Comex copper trading held strong Monday, with volume climbing to 83,817 contracts. Open interest also ticked up by 1,394, reaching 282,239 outstanding contracts, according to an Associated Press market update. (AP News)
The risk for FCX is clear: metals prices can swing sharply. A stronger dollar, an unexpected Fed move, or a steep drop in copper could hit miners hard, and Freeport still has execution risks as it boosts production and controls expenses.
Traders are zeroing in on the Fed’s policy statement set for 2:00 p.m. ET and Chair Jerome Powell’s press conference at 2:30 p.m. on Wednesday, Jan. 28. Metals have shown sharp moves lately, driven by changing rate expectations and the dollar’s swings. (Federal Reserve)
If gold keeps its momentum and copper holds around $6 a pound, FCX could have some upside going into Tuesday. But Monday’s late fade shows just how fast this trade can unravel.
