Key Highlights

● Freeport-McMoRan (FCX) closed at $71.96 on Monday, down from $72.31, with no company-specific news found.

● Copper fell alongside precious metals, with December gold futures down $152.80 to $4,168.40 in gold's worst day since June 10.

● Gold miners such as Newmont and Agnico Eagle fell much harder because copper is the core of Freeport's business.

● The 10-year Treasury Yield hit its highest level since 2007, and the dollar index firmed to 100.94.

Freeport-McMoRan (NYSE:FCX) edged lower on Monday, September 28, as a sweeping selloff in metals spread from precious metals into copper. The stock closed at $71.96, down from $72.31 on Friday, and no company-specific news was found. The S&P 500, the benchmark of 500 of America's largest listed companies, fell 59.72 points to 7,683.69.

A Modest Dip in a Heavy Metals Day

Freeport is one of the world's largest copper producers and also mines gold, which puts it in the crossfire when both metals fall at once. That is exactly what happened on Monday, and the stock still managed to hold up better than most of the Mining pack.

Copper Joined the Slide

Copper fell on the day, and Natural Gas declined for a second straight session, according to market data. The bigger damage was in precious metals. December gold futures settled at $4,168.40, down $152.80, according to market data, marking gold's worst day since June 10. Silver slumped to $61.72.

Declines on the day were led by Basic Materials, Consumer Goods and Financials. Freeport's move was mild by comparison with gold-focused miners such as Newmont (NYSE:NEM) and Agnico Eagle (NYSE:AEM), which fell much harder, because copper, not gold, is the core of Freeport's business.

The Macro Driver: Yields and the Dollar

The common thread across metals was the bond market. The 10-year Treasury yield reached its highest level since 2007, and the 30-year hit its highest since 2004. The dollar index firmed to 100.94. A stronger dollar makes dollar-priced commodities more expensive for buyers outside the US, and higher yields raise the cost of holding non-yielding assets.

Growth worries also matter for copper, which is used in everything from wiring and construction to electric vehicles and data centers. The Federal Reserve raised rates at its September meeting and futures now price a strong majority chance of another hike in October. Tighter money can slow the building and Manufacturing activity that drives copper demand.

Mixed Signals from Industry

Not all the data was gloomy. The Dallas Fed's Texas manufacturing survey showed production jumping to 29.5 from 16.1, with new orders also rising. But on Monday, strong data was read as a reason for the Fed to keep tightening. One market note captured the mood: "resilient economic activity is no longer an unqualified positive for risk assets."

On the trade front, the US and China released lists covering $60 billion of goods for Tariff cuts after the September 25 Trump–Xi summit. China is the world's biggest copper consumer, so easing trade tension is a longer-term consideration for the metal, though markets largely shrugged it off on Monday.

Copper Bulls Watch the Dollar and the Ten-Year

The week's data will steer both yields and industrial-metal Demand expectations. JOLTS and consumer confidence arrive Tuesday, PCE Inflation on Wednesday, the ISM manufacturing index on Thursday and the September jobs report on Friday. ISM manufacturing is particularly relevant for copper, since it offers a direct read on factory activity.

The dollar and the 10-year yield also deserve attention. If the bond selloff cools, metals could stabilise. Freeport's relatively small move on Monday showed that copper held up better than gold and silver, but the stock remains tied to how much pressure the rate story puts on the entire commodities complex.