However, the benefit from high copper prices could be mitigated if manufacturers choose to substitute aluminum for copper to cut costs.

FORBES: Costly King Copper Could Turn Freeport Into A Pauper

Managed-money accounts are still reducing their net-long position in copper, having cut gross longs and added gross shorts.

FORBES: FOCUS: Speculators Return To Gold Market -- CFTC Data

The company cut its full-year copper production outlook in response to continued disruptions in its cash-cow, the Grasberg mine.

FORBES: Freeport McMoran Beats Despite Plummeting Copper And Grasberg Strike