Freeport stock soars 15% on copper prices, permit progress

Freeport-McMoRan shares jumped to a 16-month high on Tuesday, as soaring metal prices and progress in a long-running, costly permit dispute with Indonesia buoyed the world's biggest publicly traded copper miner. Investors brushed aside quarterly results and full-year forecasts that were short of expectations, focusing instead on a two-year high for copper prices and CEO Richard Adkerson's confidence in securing a new mining agreement by October for Freeport's giant Grasberg mine.