Lower Copper Prices Result in a 33% Profit Plunge for Freeport McMoRan

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Freeport-McMoRan reported a near 33% drop in third-quarter profit as lower gold and copper prices more than offset higher selling volumes of the metals.

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Average realized copper prices fell 4.9% year-over-year to $3.12 per pound in the quarter ended Sept. 30. Average realized gold price fell 8.2% to $1,220 per ounce.

The fall in prices negated a 3.8% rise in consolidated copper sales volumes to 1.08 billion pounds and a 72% increase in consolidated gold sales volumes to 525,000 ounces.

With a 1.7% increase over the past day, the Japanese copper cash price was the biggest mover, closing at JPY 760,000 ($6,981) per metric ton on Monday, October 27. The price of US copper producer grade 110 gained 0.3% to finish at $3.76 per pound. The price of US copper producer grade 122 rose 0.3% to $3.76 per pound. The price of US copper producer grade 102 rose 0.3% to $3.95 per pound.

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Chinese copper closed mixed on Monday. The price of Chinese copper bar declined 0.4% to CNY 48,720 ($7,933) per metric ton. The Chinese copper cash price weakened by 0.4%, settling at CNY 48,920 ($7,965) per metric ton. The price of Chinese copper wire held steady at CNY 50,395 ($8,205) per metric ton. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row, remaining around CNY 44,300 ($7,213) per metric ton.

At $6,759, the primary copper cash price finished the market day on the LME up 0.6% per metric ton. Also on the LME, the copper 3-month price increased 0.5% to $6,695 per metric ton.

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