On July 21, Freeport-McMoRan rose 3.01% in pre-market trading, trading at $60.50/share, with turnover of $354,800. Copper sector stocks broadly strengthened, driven by supply disruption concerns and earnings optimism.
On the news front, Chile was struck by a highest-level atmospheric river storm expected to impact central copper mining regions with up to 150mm of rainfall, threatening an already tight copper supply landscape. Freeport-McMoRan operates the El Abra mine in Chile, placing it among producers directly exposed to potential disruption. Simultaneously, the company is scheduled to release Q2 earnings on July 23 pre-market, with consensus adjusted EPS of $0.59, representing approximately 30% year-over-year growth. This compares to the prior quarter's reported EPS of $0.57.
Within the Copper sector, individual stocks posted broad gains. Among peers, Ero Copper rose 4.02%, TREKOR METALS rose 3.13%, and Southern Copper Corp rose 2.92%.
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