-
Freeport-McMoRan beats quarterly profit estimates on higher copper prices
Freeport-McMoRan beat Wall Street estimates for second-quarter profit on Thursday, as higher copper prices offset lower production at its Grasberg mine in Indonesia. Shares of the company were up 1.4% in premarket trading. 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/lb , compared with $4.54/lb a year earlier. Phoenix, Arizona-based Freeport-McMoRan had suspended operations at Indonesia's Grasberg mine after around ... (full story)
- Comments / Top
- Subscribe
-
Related Stories
From brecorder.com | 5 hr ago
Copper gave up early gains to trade lower on Thursday, tracking equity markets downwards after oil prices hit their highest in more than seven weeks on escalating hostilities in the Middle East. Benchmark three-month copper on the London Metal Exchange was down 0.6% at $13,725.50 a metric ton at 0930 GMT, having climbed as much as 0.5% earlier in the ...
From cnbc.com | 17 min ago
Investors are increasingly preparing for the Federal Reserve to hike interest rates as oil prices climb. Fed funds futures are pricing in a roughly 82% likelihood that the central bank lifts borrowing costs at its September policy meeting, according to CME’s FedWatch tool. A week ago, those odds sat below 53%. The central bank is still broadly expected to ...
China, US working on tariff cut plan agreed during summit. China, US maintain close communication on tariff cuts - MofCom.
