Freeport-McMoRan Copper & Gold Inc., the world's largest publicly traded copper company, reports first-quarter results Wednesday before the market opens.

What to watch for

Signs that the slow recovery in the U.S. economy is translating into improving demand for copper in key markets, such as housing and commercial construction.

While the Phoenix global mining giant has not seen much improvement in domestic markets for copper, it has benefited from robust demand in China where construction is under way on roads, buildings and other infrastructure projects.

In the first quarter, China's copper and copper product imports rose 14.2 percent in a year-over-year comparison, according to a recent JPMorgan report. Scrap copper imports increased by 33.5 percent.

Copper prices have nearly doubled in the past year, another plus for Freeport-McMoran. A year ago, it reported an average realized price of $1.72 per pound. Copper for future delivery closed at the end of the first quarter at $3.55 a pound.

Freeport-McMoRan also had to deal with rising prices for energy. The increased costs should be offset by higher revenue from copper and gold.

There also may be an indication from executives about the status of U.S. mines and ongoing talks with the Democratic Republic of Congo about a mining project in Africa.

Why it matters

Freeport-McMoRan mines key metals used in a number of products, so rising demand for the metals can be an indication of an improving economy.

Copper is used for wiring and plumbing in commercial buildings and homes, for electronics and in automobiles. Molybdenum, another metal Freeport-McMoRan mines, is used to strengthen steel. Gold is bought by investors and is used in jewelry and other products.

What's expected

For the first quarter, Freeport-McMoRan has forecast slightly lower production of copper and gold mainly because it has been mining lower grades of ore. Molybdenum production is expected to increase slightly. Analysts surveyed by Thomson Reuters have predicted earnings of $1.91 a share on revenue of $4.5 billion.

With demand still weak in domestic markets, Freeport-McMoRan is expected to report strong exports to China, analysts said.

"Going forward, demand has to stay the same or go higher in order for them to keep doing well on the earnings front," Argus Research analyst Bill Selesky said.

Last year's quarter

Freeport-McMoRan reported net income of $43 million, or 11 cents per share. Revenue totaled $2.6 billion.