The stock of miner Freeport-McMoRan (FCX) is marching higher as the price of copper hits an all-time high.
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Copper’s price surged by the most in more than 16 years on Jan. 29 and hit a record high above $14,000 a tonne. The red colored industrial metal has seen its price rise dramatically to start the year due to several factors. These include increased demand for the metal among technology companies, speculative trading in China, and the rise of other metals such as gold and silver.
Copper’s gains are proving to be good news for Freeport-McMoRan, which is a major copper producer. The company also operates the world’s largest gold mine. Less than a month into 2026, and FCX stock is up 22%. In the last 12 months, the share price has increased 75%.
The Metals Boom
An industrial metal, copper is widely used in electronics and to help build artificial intelligence data centers, placing it in high demand. At the same time, Chinese investors are piling into metals as they ride a powerful wave of momentum that has lifted everything from tin to silver to record highs.
The current speculation is helping to send copper’s price sharply higher. On Jan. 29, copper’s price rose more than 5% in less than an hour on the London Metals Exchange as speculators drove the market parabolic. Many investors are also loading up on metals such as gold and silver amid safe-haven demand as geopolitical risks increase.
Is FCX Stock a Buy?
Freeport McMoRan stock has a consensus Strong Buy rating among 15 Wall Street analysts. That rating is based on 13 Buy and two Hold recommendations issued in the last three months. The average FCX price target of $58.79 implies 7.40% downside from current levels.
