New York, Jan 26, 2026, 19:20 EST — After-hours
- Freeport-McMoRan climbed to a fresh 52-week high, finishing 1.26% higher at $61.17.
- Gold surged past $5,100 an ounce, shining a spotlight on miners as investors scrambled for safe havens
- Copper held steady near $6 a pound as investors braced for the Federal Reserve’s Jan. 28 decision
Freeport-McMoRan (FCX.N) climbed to a 52-week high Monday before easing back to finish 1.26% higher at $61.17. The stock rallied with other miners as gold pushed to new highs, though it gave up some gains late in the session. 1
That’s key now as metals shift back into a macro spotlight. Gold continues to lure investors looking for a safe haven during uncertain times, and that sentiment often spills over into copper stocks, despite ongoing price swings in copper.
Freeport’s cash flow depends heavily on copper, though gold provides a notable boost. On Monday, U.S. benchmark copper slipped to about $5.92 a pound, pulling back a bit after a sharp rally earlier this month. 2
FCX surged right out of the gate, hitting its highest point of the day within minutes. But by afternoon, it had dropped steadily, ending the session close to the lows instead of the earlier highs.
Gold surged beyond $5,100 an ounce on Monday, setting a new record as investors rushed in amid policy doubts and a softer U.S. dollar. Kyle Rodda, senior market analyst at Capital.com, attributed the jump to “a crisis of confidence in the U.S. administration and U.S. assets.” 3
The broader mining sector gained momentum as Newmont (NEM.N) surged nearly 3%, and Barrick Mining (ABX.TO) rose around 2.3%, per Reuters. Societe Generale analysts updated their outlook, projecting gold to reach $6,000 an ounce by year-end. 4
Markets are focused on the Federal Reserve, which is all but certain to keep rates unchanged at 3.50% to 3.75% this week. Michael Pearce, chief U.S. economist at Oxford Economics, described the near-term outlook as “benign.” Still, political pressure on the Fed is becoming a bigger part of the story. 5
Freeport is under renewed pressure as operational issues persist. On Jan. 22, the miner reported profits that beat estimates, helped by climbing copper and gold prices despite production hits from disruptions at Indonesia’s Grasberg mine. The company outlined a phased restart targeted for the second quarter. 6
Comex copper saw solid trading Monday as volume rose to 83,817 contracts. Open interest increased by 1,394, pushing the total to 282,239 contracts outstanding, per an Associated Press market update. 7
FCX faces a straightforward risk: metals prices are volatile. A stronger dollar, surprise Fed actions, or a sharp fall in copper prices could weigh heavily on miners. On top of that, Freeport still contends with execution challenges as it ramps up production and manages costs.
Traders are focusing on the Fed’s policy statement due at 2:00 p.m. ET, followed by Chair Jerome Powell’s press conference at 2:30 p.m. Wednesday, Jan. 28. Metals have been volatile recently, reacting to shifting rate outlooks and dollar fluctuations. 8
FCX might see some gains Tuesday if gold maintains its pace and copper stays near $6 a pound. Still, Monday’s sharp pullback is a reminder of how quickly this trade can flip.
