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MarketBeat
MarketBeat
Chris Markoch

Freeport-McMoRan's Rally Is Over—But the Bull Case Isn't

Freeport FCX copper Gold Grasberg FreeportMcMoRan MarketBeat

Freeport-McMoRan Inc. (NYSE: FCX) came into 2026 riding a wave of bullish sentiment. The company is one of the world’s leading copper miners at a time when basic materials stocks, in general, and mining stocks, in particular, are considered among the safest investments.

However, after surging nearly 20% since its earnings report on Jan. 22, FCX stock has given back nearly all of those gains. FCX stock recently closed near $62, hovering close to its 50-day moving average around $60.

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