(Reuters) -Miner Freeport-McMoRan Inc reported a quarterly profit on Thursday that more than tripled, helped by higher copper prices and an increase in demand for the metal.
Copper prices have been rising this year, with analysts optimistic that demand for the metal will increase with a recovery of the global economy.
The company’s average realized price for a pound of copper rose about 40%, while production of the metal increased about 17% to 987 million recoverable pounds.
Freeport’s adjusted net income attributable to common stock was $1.3 billion, or 89 cents per share, in the third quarter ended Sept. 30, compared with $430 million, or 29 cents per share, a year earlier.
(Reporting by Sahil Shaw in Bengaluru)
