New York, January 26, 2026, 07:22 EST — Premarket
- Freeport-McMoRan shares climbed in premarket action, following a sharp rally in gold prices.
- Gold surged past $5,100 an ounce, hitting a new record as investors scrambled for safe havens before this week’s Fed meeting.
- Copper held steady around $6 a pound, supporting prices for major U.S.-listed mining companies.
Freeport-McMoRan shares climbed 2.6% in premarket Monday, hitting $60.41 after closing Friday near $58.86.
This wasn’t about any big company news. Instead, it was the broader market action: precious metals sparked fresh flows, pulling miners along for the ride.
Gold surged beyond $5,100 an ounce, hitting a new record, Reuters reported, fueled by a spike in safe-haven buying amid fresh tariff threats and shaky macro conditions. Ole Hansen, head of commodity strategy at Saxo Bank, told Reuters, “The uncertainty … remains the main driver.” Still, another market voice cautioned that the rally could be punctuated by steep pullbacks. 1
Copper held steady. Trading Economics reported copper at roughly $5.96 a pound on Monday, hovering near prices that maintain elevated leverage for producers linked to the red metal. 2
Gold is key for Freeport. Its top asset, the Grasberg complex in Indonesia, churns out copper concentrate loaded with gold. The company has been hashing out plans to boost output following last year’s setback. 3
The macro calendar is stepping up. The Federal Reserve’s next policy meeting is set for January 27-28, with the rate decision coming Wednesday. 4
Investors are increasingly focused on the politics swirling around the Fed, now a core market concern rather than just a Washington sideshow, Reuters reported Monday. 5
There’s a clear risk here. Should gold slide as sharply as it surged, or if the Fed signals a rise in real yields, miner stocks could take a hit—and Freeport’s shares are known to exaggerate those moves.
Looking ahead to the week, all eyes will be on Wednesday’s Fed decision, alongside how gold and copper prices move afterward. Tariff news could also trigger market shifts. 6
