One of the most hated stocks on Wall Street is surging this year.
Freeport-McMoRan is among the top stocks in the S&P 500 Index with the highest short interest on the street, yet shares are up more than 40 percent in 2016. That makes it the fourth-best performing stock in the large-cap index.
The move comes amid a recent turnaround in oil and copper, which have rallied 50 percent and 16 percent from their respective 52-week lows. Despite being despised by many, Freeport's commodity-driven stock has recently caught the eye of one trader ahead of this week's Federal Reserve meeting.
"I don't expect the Fed to be able to continue this monetary divergence relative to the Central Banks," Todd Gordon told CNBC's "Trading Nation" recently. "The Fed has no choice but to remain accommodative. That's going to put pressure on the dollar and put the commodities space in play to upside," he added.