{
  "report_rows": [
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.65 vs. cons $0.61",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Consolidated copper sales",
      "prediction": "IN-LINE",
      "answer": "pred ~697M lb vs. cons 692M lb",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Consolidated unit net cash costs",
      "prediction": "BEAT",
      "answer": "pred ~$2.12/lb vs. cons $2.24/lb",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Copper sales guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~3.10B lb vs. cons 3.10B lb (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Gold sales guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~650K oz vs. cons 650K oz (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Consolidated unit net cash-cost guidance",
      "prediction": "BETTER",
      "answer": "guide ~$1.92/lb vs. cons $1.95/lb (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Grasberg production capacity",
      "prediction": "UNCHANGED",
      "answer": "guide ~65% of capacity vs. cons 65% of capacity (2H2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 3.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 2.0,
  "day5_path": "FADE",
  "day5_rationale": "The Q2 beat should be driven mainly by copper pricing, by-product credits and lower cash costs; unchanged FY2026 copper sales of 3.10B lb and unchanged 2H2026 Grasberg capacity of 65% would limit out-period volume revisions, causing part of the initial execution-relief rally to fade.",
  "day5_confidence": "MEDIUM"
}