Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
There have been no material changes in our market risks during the six -month period ended June 30, 2020 . In April 2020, FCX entered into copper forward sales contracts covering 150 million pounds of copper sales for May and June 2020 at a fixed price of $2.34 per pound of copper to hedge the market risk associated with fluctuations in the price of copper. As discussed in Note 6 of our financial statements included herein, our revenues for the first six months of 2020 were reduced by $24 million associated with these forward sales contracts. There are no remaining forward sales contracts.
For additional information on market risks, refer to “Disclosures About Market Risks” included in Part II, Items 7. and 7A. of our 2019 Form 10-K. For projected sensitivities of our operating cash flow to changes in commodity prices, refer to “Outlook” in Part I, Item 2. of this quarterly report on Form 10-Q for the period ended June 30, 2020 ; for projected sensitivities of our provisionally priced copper sales to changes in commodity prices refer to “Consolidated Results – Revenues” in Part I, Item 2. of this quarterly report on Form 10-Q for the period ended June 30, 2020 .
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