Freeport-McMoRan Inc. is the leading publicly traded copper miner in the world, reporting a decline in production compared to expectations for the second quarter, offering a boost to copper prices after a correction from record highs.
The Phoenix-based company reported 913 million pounds in second-quarter output, lagging analysts’ average expectation of 961 million pounds. While Freeport reaffirmed its annual sales forecast and production is well above previous year’s levels, copper sales are below Freeport’s own forecast due to the timing of deliveries.
The copper market is based on Freeport , boosting underground production in Indonesia to meet growing demand as countries recover from the pandemic and economies shift to low-carbon energy sources that use more of the metal.
Following the correction of Copper, which began in May, the market is supported by strong long-term demand and a lack of major new projects.
Junior Trader Nikolay Petrov