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NEW YORK (TheStreet) -- Shares of copper and gold miner Freeport-McMoRan  (FCX) - Get Freeport-McMoRan, Inc. (FCX) Report rose 5.39% to $21.94 in afternoon trading Monday amid a rally in the price of precious metals.

Gold prices rose Monday as investors wait for the results of this week's Federal Reserve policy meeting and look for indications as to when it will raise interest rates, Reuters reports. Gold is down 2% so far in 2015 on expectations of a rate hike.

"The consensus is certainly that the dollar is not going to be moving significantly higher as a result of the (Fed meeting) - it seems more likely that it is going to move lower, which should be bullish for gold prices," ING commodities analyst Hamza Khan told Reuters.

Gold prices were up 2.34% to $1,202.50 at 2:07 p.m., while copper prices rose 0.82% to $2.77, according to CNBC.

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Jim Cramer commented on Freeport-McMoRan in a recent post on Real Money. Here's what Cramer had to say about the stock:

Now let's take Freeport-McMoRan. This company had what can only be called a disastrous quarter. It lost $2.5 billion, or $2.38 a share. It has a heart-stopping $20 billion in debt.

Its copper business has been in the doldrums forever, in part because China's slowing down a lot more than people seem to realize. It even went as far as to call out its copper business as disappointing. Who says "we disappointed" these days? Gold's been going nowhere.

This company bought an oil and gas business right at the top and borrowed heavily to do so. On the call, we learned it intends to sell a big chunk of the company to pay for the acquisition. Worst of all, it slashed its dividend by 84%, a dividend that attracted many income seekers to the stock.

And what's Freeport done since that miserable and most unfortunate series of events? How about do nothing but roar higher, including today.

Is this insanity? Is this one of those cruel jokes that the market's playing on us?

Hardly, this frontsy-backsy action is the sign that some are betting on a sea change. First, it's a bet that commodity inflation is going to get stronger and interest rates are done going down. Freeport is a pure commodity play, kind of like a commodities supermarket. It can only rally if people think inflation is coming back. That's what makes you want to buy gold. It's what you think about when copper's coming back. It's about oil making a U-turn and going higher.

What do all of these have in common? What spurs them? A weak dollar, that's what. Commodities are priced in dollars. When the dollar goes down, it takes more of them to buy commodities. Freeport, the ultimate mosaic of commodities, is reacting to what could be a weak dollar, not what could be better earnings. The company just told you how bad things are.

- Jim Cramer, 'Riding the Waves of a Sea Change' originally published 4/27/2015 on Real Money

Want more information like this from Jim Cramer BEFORE your stock moves? Learn more about Real Money now!

Separately, TheStreet Ratings team rates FREEPORT-MCMORAN INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate FREEPORT-MCMORAN INC (FCX) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."

You can view the full analysis from the report here: FCX Ratings Report