By Doug Alexander and Yvonne Yue Li
Bloomberg News
Wednesday, September 24, 2025
Copper prices jumped the most in more than five months after Freeport-McMoRan Inc. said force majeure was declared on contracted supplies from its giant Grasberg mine in Indonesia.
Copper for delivery in three months rose as much as 3.2% to $10,297.50 a ton on the London Metal Exchange, the biggest intraday jump since April 10. Freeport's shares fell 11% in New York trading, while rivals including Glencore PLC and Teck Resources Ltd. climbed.
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Two workers were fatally injured after a Sept. 8 accident at underground operations at Grasberg, the company said today in a statement. It is continuing to search for five other employees. Teams are working around the clock to clear mud and debris and are making steady progress to reach areas where the workers were located at the time of the incident.
The accident's impact highlights the copper market's vulnerability to global supply shocks, and is just the latest disruption to the industry. It follows Hudbay Minerals Inc.'s disclosure late Tuesday that it was shutting operations at a mill at its Constancia mine site in Peru due to political protests.
The development at Freeport shows "how little it takes to tighten up this market," especially when two of the top copper mines have problems at the same time, said Ole Hansen, head of commodity strategy at Saxo Bank. "Traders buy first before asking questions," he said. ...
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