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Why Freeport-McMoRan Inc.'s Shares Got an 11% Boost Today

Image source: Freeport-McMoRan.

What: Shares of miner Freeport-McMoRan Inc. (NYSE: FCX) jumped as much as 11% today as commodity prices gave the industry some hope.

So what: Gold prices rose 2.2% today to $1,294 per ounce while copper prices increased 2.2% to $2.28 per pound. The biggest driver of the increase in commodities is a falling dollar, which has been a drag for the company for a few years now.  

Now what: While the weaker dollar may be good for commodity prices, it doesn't yet change the company's financial struggles. Freeport-McMoRan just reported first-quarter revenues of $3.5 billion and a whopping $4.2 billion loss. On top of that, it has $20.8 billion in debt hanging over operations. There will need to be a much bigger increase in commodity prices to get me excited about this stock, and today's pop may evaporate as quickly as it came if the greenback climbs on Monday.