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Freeport quarterly profit jumps on higher copper prices -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Richard Adkerson is the CEO of Freeport McMoran and poses for a photograph during Reuters interview in Santiago (Chile), April 9, 2019. REUTERS/Rodrigo Garrido

(Reuters) –Miner Freeport McMoRan reported a Thursday quarter profit that exceeded tripled. This was due to higher prices and a rise in metal demand.

Copper prices are rising, and analysts believe that the world will see an increase in demand as the economy recovers.

While the average realized price of a pound copper increased by about 40%, production rose 17% to 987million recoverable pounds.

Freeport’s third-quarter adjusted net income from common stock came to $1.3billion, or 89cs per share. This compares with $430m or 29cs per share a year prior.

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