(Reuters) -Miner Freeport-McMoRan reported a third-quarter profit on Tuesday that beat analysts’ estimates, helped by higher copper prices.
Average copper prices rose in the third quarter on signs of better demand in top consumer China, falling inventories and as the country unleashed wide-ranging stimulus measures to boost its flagging economy.
Freeport’s quarterly average realized price for copper was $4.30 per pound, compared with $3.80 per pound a year earlier.
On an adjusted basis, the company earned 38 cents per share in the quarter, compared with the average analyst estimate of 35 cents per share, according to data compiled by LSEG.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shounak Dasgupta)
