Freeport-McMoRan Inc., the top publicly traded copper miner, produced less than expected last quarter, offering a boost to prices of the metal that had retreated from record highs. The Phoenix-based company reported second-quarter output of 913 million pounds, trailing the 961 million-pound average estimate among analysts. While Freeport reiterated its annual sales forecast and output is well above year-ago levels, copper sales came in below Freeport’s own projection due to the timing of shipments. The copper market is banking on Freeport ramping up underground production in Indonesia to meet demand that is rising as ... (full story)