Copper Futures Soar Amid Major Supply Disruptions
Copper prices reached unprecedented levels in domestic and international markets due to significant supply disruptions at Freeport-McMoRan's Grasberg mine and Hudbay Minerals' Constancia mill. The forced shutdowns, caused by a mudslide and political protests, have tightened global supplies, driving prices and market uncertainty.
- Country:
- India
In the aftermath of notable supply disruptions, copper prices have surged to new heights in both domestic and international markets. The spike follows interruptions at Freeport-McMoRan's Grasberg mine in Indonesia, the world's second-largest copper source, due to a fatal mudslide.
Additionally, protests have led to the shutdown of Hudbay Minerals' Constancia mill in Peru, further constraining copper availability. These disruptions have driven copper futures on the Multi Commodity Exchange and London Metal Exchange to record highs as traders respond to the tightening supply.
Industry analysts note that prolonged supply challenges might push prices even higher, impacting the global smelting sector. Freeport's announcement of force majeure highlights the ongoing uncertainty, with potential return to full operations not projected until 2027.
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