Freeport-McMoRan, a copper miner, reported a quarterly profit that more than tripled on Thursday, owing to rising copper prices and increased demand for the metal.

Copper prices have been rising this year, with analysts anticipating increased demand for the metal as the global economy improves.

The average realized price for a pound of copper climbed by almost 40%, while copper output increased by roughly 17% to 987 million recoverable pounds.CONTACT Freeport-McMoRan | Freeport-McMoRan

In the third quarter ended Sept. 30, Freeport's adjusted net income attributable to common stock was $1.3 billion, or 89 cents per share, compared to $430 million, or 29 cents per share, a year earlier.