FCX Conference Call 3rd Quarter 2023 Results
Inventories
(metric tons)
1,500,000
1,200,000
900,000
600,000
300,000
Copper Market Commentary
Copper Price
Global Copper Exchange Inventories
Includes LME, COMEX and Shanghai exchanges
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Source: Bloomberg as of 10/18/23
See Cautionary Statement.
0
Jan-22
FREEPORT FOREMOST IN COPPER
Jul-23
Cu Price
($/lb)
$5.00
Oct-23
$4.50
$4.00
$3.50
$3.00
$2.50
Copper Structurally Supported by
Favorable Long-term Fundamentals
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THE POWER OF
COPPER
Rising interest rates, US$ strength and global
geopolitical and macro-economic uncertainty
impacting sentiment
Exchange inventories remain at historically
low levels, despite recent build
Copper consumption globally, led by China,
is growing
• EV/renewables trends are copper intensive
and supportive of future demand
Significant new supply needed to meet
growing demand
●
•
Long lead-times for new supplies
Higher prices needed to incentivize supply
development
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