Freeport-McMoran beats second-quarter profit estimates on higher copper prices

Miner Freeport-McMoran beat second-quarter profit estimates on Tuesday, as higher copper prices offset lower production. Shares of the company rose 2.4% to £47.12 in premarket trading. Average price of copper had risen in the second quarter compared to the previous year on property stimulus measures and better-than-expected industrial output data in China.

The Phoenix, Arizona-based Freeport’s quarterly average realized price for copper was up at £4.48 per pound, compared with £3.84 per pound from a year earlier.

However, quarterly copper production was up at 1,037 millions of recoverable pounds, compared with 1 067-millions of recoverable pounds from a year ago.

The company reported an adjusted profit of 46 cents per share for the quarter ended June 30, compared with analysts’ average estimate of 38 cents, according to LSEG data.