Stock Track | Freeport-McMoRan Soars 5.06% in Pre-Market on Surging Copper Prices Driven by AI, Defense Demand and Weak Dollar

Stock Track01-29

Freeport-McMoRan's stock soared 5.06% in pre-market trading, continuing its positive momentum as a leading player in the metals and mining sector.

The rally is driven by a sharp surge in copper prices, with benchmark copper on the London Metal Exchange jumping 6.3% to $13,913.50 a metric ton after hitting an all-time high earlier in the session. This broad metals rally is supported by a weaker U.S. dollar and increased investor appetite for physical assets amid geopolitical turmoil.

Fundamental demand for copper remains strong, fueled by increased military spending and the massive artificial intelligence data-center build-out. Analysts highlight that modern military equipment and AI infrastructure, now considered matters of national security, consume vast quantities of critical minerals like copper. Additionally, investors continue to place speculative bullish bets on industrial metals, further supporting the price rally.

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