Freeport McMoran's Big Q3; Chinese Bright Copper Scrap Drops

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Freeport McMoran posted impressive third quarter earnings on Tuesday, “beating top and bottom line estimates as production of copper, gold, and oil jumped and costs fell.  After a rocky start to the year, Freeport has gone on an impressive run over the past couple of months, and was flying even higher in early trading,” reports Forbes.

“It’s been a while since a major miner has delivered twin beats and a solid quarter all around.  Freeport’s third quarter revealed a big beat on profit, with earnings per share coming in at $0.78 compared to Wall Street’s $0.62 estimate, on operating income of $1.7 billion, which was up 21%.”

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The day’s biggest mover was Chinese bright copper scrap, dropping 2.5 percent to settle on Wednesday, October 30. The price of Chinese copper wire dropped by 0.6 percent after holding steady. Chinese copper bar stayed flat. The cash price of Chinese copper held steady.

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The price of US copper producer grade 122 held steady. The cash price of primary Japanese copper showed little movement yesterday. The price of US copper producer grade 102 held steady. The price of US copper producer grade 110 saw little change in its price on Wednesday.

After rising 0.8 percent, prices settled at $7,215 per metric ton, driving an accelerated rise since Thursday, October 24. Today marks the fifth day in a row of improvement for the cash price of primary copper on the LME. The copper 3-month price increased 0.7 percent on the LME , ending at $7,222 per metric ton. For the fifth day since Thursday, October 24, the climb has accelerated.