Copper Prices Rally As Grasberg Mine Accident Forces Freeport-McMoRan Declares Force Majeure On Mine

Benzinga

Copper prices rose after Freeport-McMoRan declared force majeure at Indonesia’s Grasberg mine, which supplies 3% of global output. Analysts warn prolonged disruptions could tighten supply, with Goldman Sachs now projecting a 2025 deficit.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Copper prices climbed Thursday, extending a 4% rally from the previous session

00:06after Freeport McMoran declared force majeure on Grasberg mine supplies in Indonesia

00:11following a deadly mudslide.

00:13London Metal Exchange copper futures rose 1.1%,

00:15while shares of Anglo-American, Glencore, and Rio Tinto advanced,

00:19according to the Wall Street Journal.

00:21Analysts warned prolonged disruption at Grasberg,

00:23which accounts for 3% of global output,

00:25could intensify smelter feedstock shortages.

00:27Freeport shares plunged nearly 17% Wednesday,

00:31their steepest drop since March 2020,

00:33as the minor projected production delays into 2026

00:36and a 35% output cut at its Indonesian unit.

00:39Goldman Sachs now estimates 525,000 ton copper loss

00:43and lowered supply forecasts,

00:45flipping its 2025 copper outlook from a surplus to a deficit.

00:49For all things money, visit Benzinga.com.

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