July 23 (Reuters) - Freeport-McMoRan ( FCX ) beat Wall
Street estimates for second-quarter profit on Thursday, powered
by higher copper prices.
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 per
pound, compared with $4.54 per pound a year earlier.
The world's largest publicly traded copper producer
reported an adjusted profit of 74 cents per share for the three
months ended June 30, compared with analysts' average estimate
of 59 cents, according to data compiled by LSEG.
(Reporting by Pranav Mathur in Bengaluru; Editing by Sriraj
Kalluvila)