On July 23, Freeport-McMoRan fell 3.04% in regular trading, trading at $62.93/share, with turnover of $2.51 billion. The decline came despite the company reporting Q2 results that beat analyst estimates on both earnings and revenue, as the year-over-year revenue decline raised concerns about copper demand and pricing outlook.

Freeport-McMoRan reported Q2 adjusted net income of $0.74 per share, up from $0.54 a year earlier and well above the FactSet consensus estimate of $0.62. Revenue came in at $7.03 billion, surpassing the $6.71 billion estimate but down from $7.58 billion a year ago. Q2 production totaled 786 million pounds of copper, 192,000 ounces of gold, and 23 million pounds of molybdenum, with realized prices of $6.17/lb for copper and $4,520/oz for gold. The company guided full-year copper mine net cash costs at approximately $1.90/lb and operating cash flow near $8.3 billion. Additionally, it identified an opportunity to more than double concentrator capacity at its Bagdad operation in Arizona.

The broader copper sector traded weak, with Southern Copper Corp down 4.44%, TREKOR METALS down 2.57%, and Ero Copper down 2.2%.

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