---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39507336.md"
description: "The core driver for Newmont and First Majestic is the decline in real interest rates. However, if the US Dollar Index doesn't cooperate, the gains in precious metals will be hedged away. Freeport-McMoRan is watching copper prices; copper trading sideways means the market hasn't bought into the global demand recovery story, directly contradicting the soft landing narrative. As for Mosaic and CF Industries, their costs are tied to energy, making crude oil trends a double-edged sword for their profits. 🤔"
datetime: "2026-03-25T08:50:55.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39507336.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39507336.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39507336.md)
author: "[土狗一枚](https://longbridge.com/en/profiles/25865096.md)"
---

# The core driver for Newmont and First Majestic is …