July 23 (Reuters) – Freeport-McMoRan beat Wall Street estimates for second-quarter profit on Thursday, powered by higher copper prices.
Average copper prices climbed 41.5% year-on-year in the second quarter, driven by supply concerns, signs of resilient demand from top consumer China and geopolitical tensions in the Middle East.
Quarterly average realized price for copper was $6.17 per pound, compared with $4.54 per pound a year earlier.
The world’s largest publicly traded copper producer reported an adjusted profit of 74 cents per share for the three months ended June 30, compared with analysts’ average estimate of 59 cents, according to data compiled by LSEG.
(Reporting by Pranav Mathur in Bengaluru; Editing by Sriraj Kalluvila)
