Freeport Is Selling More Copper Than It Thought in Pandemic
- Company expects 8% more sales volume than previously forecast
- Freeeport shares climbed as much as 8.6%, the most in a month
Photographer: Munshi Ahmed/Bloomberg
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The world’s biggest publicly traded copper company is navigating the pandemic better than it thought.
Freeport-McMoRan Inc. expects to report about 8% more copper sales volume and 10% more gold in the second quarter than it forecast in April when it was first coming to grips with the implications of the coronavirus. The Phoenix-based company gave the rare update less than three weeks before its earnings release. Shares surged as much as 8.6%, the most in a month.