(Reuters) -Miner Freeport-McMoRan (NYSE:FCX) beat fourth-quarter profit estimates on Thursday, helped by higher copper prices.
Average copper prices rose in the fourth quarter, helped by signs of more stimulus in top consumer China, falling inventories and as U.S. job growth accelerated in September, pointing to resilience in the world’s largest economy.
Quarterly average realized price for copper was $4.15 per pound, compared with $3.81 per pound a year ago.
On an adjusted basis, the company earned 31 cents per share in the quarter, compared with the analysts’ average estimate of 20 cents per share, according to data compiled by LSEG.
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