Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Precious Metal»Copper price spikes on Freeport’s Grasberg force majeure
    Precious Metal

    Copper price spikes on Freeport’s Grasberg force majeure

    September 24, 20253 Mins Read


    Copper prices jumped Wednesday after Freeport-McMoRan (NYSE: FCX) declared force majeure on contracted supplies from its Grasberg Block Cave mine in Indonesia.

    Three-month futures traded above $10,496 per ton ($4.7710 per lb.) on the CME, up 2.74% for the day. In London, copper for delivery in three months rose as much as 2% to $10,172 a ton on the London Metal Exchange, the highest level in more than 15 months.

    Click on chart for live prices.

    Freeport’s shares fell as much as 10.4% in New York, while rivals Glencore PLC (+3%), Teck Resources (+5%), and Antofagasta (+7.4%) climbed.

    BMO Capital Markets said the announcement was largely in line with expectations for a weaker second half of 2025, but noted that the preliminary 35% cut to the 2026 production outlook is an incremental negative, with Grasberg output not expected to return to pre-incident levels until 2027.

    Analysts described it as a “negative near-term development that will likely put Freeport in the penalty box.” However, BMO also highlighted that 60% of Freeport’s copper production comes from North and South America, meaning the company still has strong regional output. At the same time, a potential increase in copper prices stemming from reduced supply could partly offset the impact.

    Fatal accident

    Two workers died after the Sept. 8 accident at Grasberg. According to Freeport, a sudden rush of approximately 800,000 metric tons of wet material entered the mine and traveled rapidly across multiple levels, including the service level where the missing team members had been conducting development activities. The company is continuing the search for five other workers.

    Production at Grasberg—the world’s second-largest copper mine—has been halted following the accident.

    The Grasberg Block Cave ore body represents 50% of PT Freeport Indonesia’s estimated proven and probable reserves as of December 31, 2024, and approximately 70% of the company’s previously forecast copper and gold production through 2029.

    The incident occurred in “PB1C,” one of five production blocks in the Grasberg Block Cave, but caused damage to infrastructure required to support other production areas in the district.

    Freeport also issued updated third-quarter guidance on Wednesday. Consolidated sales are now expected to be about 4% lower for copper and approximately 6% lower for gold compared to its July estimates.

    In a separate disruption to the copper industry, Hudbay Minerals (TSE: HBM) said late Tuesday it was shutting operations at a mill at its Constancia mine site in Peru due to ongoing political protests.





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Gold’s Stratospheric Ascent Reinvigorates The Narrative For Sprott Precious Metal Mining ETFs – Barrick Mining (NYSE:B), Endeavour Silver (NYSE:EXK)

    Precious Metal

    Federal and Queensland governments to bailout out Glencore’s embattled Mount Isa copper smelter, Townsville refinery

    Precious Metal

    ‘Copper seasonal weakness offers attractive long-term entry point’

    Precious Metal

    Gold stocks refuse to rally with Gold

    Precious Metal

    Gold bulls lead the precious metal to new record highs

    Precious Metal

    Gold ETF Inflows Break Records In September, Says World Gold Council

    Precious Metal
    Leave A Reply Cancel Reply

    Top Picks
    Stock Market

    Les salles d’escalade aussi polluées que les bords d’autoroute : “On va mettre en place des actions rapidement”

    finalisation de l’acquisition d’une participation majoritaire dans l’opérateur Aquardens

    Cryptocurrency

    Bitcoin Price & Historical Charts: Is It Time To Buy Or Sell?

    Editors Picks

    5 Types of Investments Expected To Soar in Value by the End of 2025

    July 26, 2024

    Youppi! et METAL! visitent le Comiccon de Montréal 2025

    July 5, 2025

    Best of: Health innovation and technology

    July 29, 2025

    Maryland schoolteacher’s $40,000 in savings frozen following fintech collapse

    August 20, 2024
    What's Hot

    Alandalus Property enregistre une perte pour l’exercice 24, mais son chiffre d’affaires est en hausse -Le 23 mars 2025 à 07:25

    March 22, 2025

    SBP plans pilot for digital currency – Newspaper

    July 9, 2025

    Parkersburg City Council to hold public hearing on bond issue for rec center, fire station | News, Sports, Jobs

    August 10, 2024
    Our Picks

    Second permis de recherche d’hydrogène naturel en Béarn et Soule : de premières mesures à la fin de cet été

    May 22, 2025

    Lunch- and dinnertime favorite recalled due to metal contamination

    August 17, 2024

    Taco Bell’s ‘retirement community’ memberships sold out

    August 15, 2024
    Weekly Top

    Record Returns on African Sovereign Bonds Match With Strengthening Conditions for the Region’s Eurobonds

    October 8, 2025

    Cenovus sweetens takeover offer for MEG Energy

    October 8, 2025

    KPMG report pegs 31% CAGR for India’s fintech sector from 2025 to 2029

    October 8, 2025
    Editor's Pick

    Utility Trusted Business Partners Prioritize Small Business

    July 11, 2024

    Michael Saylor Presents ‘Digital Assets Framework’ To SEC Crypto Task Force – MicroStrategy (NASDAQ:MSTR)

    February 24, 2025

    Cryptocurrency Market Takes a Wait-and-see Approach

    February 5, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.