(Reuters) – Copper miner Freeport-McMoRan Inc reported a first-quarter profit on Friday that beat analysts’ estimates, helped by a recovery in demand from top consumer China.
Demand for copper has been bolstered by its use in the energy transition sector, which includes electric vehicles, solar and wind.
China’s easing of strict COVID-19 rules last December also raised hopes that demand for the metal will improve as the country’s economy gathers speed after the pandemic.
Freeport, which has operations in the Americas and Indonesia, cut its annual capital expenditure forecast to about $5.1 billion from $5.2 billion.
The miner reported average realized copper prices of $4.11 per pound for the quarter, compared with $4.66 a year earlier.
On an adjusted basis, the company earned 52 cents per share for the three months ended March 31, compared with estimates of 45 cents per share, according to Refinitiv data.
(Reporting by Ankit Kumar; Editing by Shounak Dasgupta)
