Freeport-McMoRan declares force majeure at Grasberg mine, Copper swells to two-month high

COMEX Copper futures soared yesterday as Freeport-McMoRan on Wednesday declared force majeure at its Grasberg mine in Indonesia. COMEX Copper zoomed 3.65% and is currently at $4.87 per pound, up 1.26% on the day and hitting two-month high. Mining operations in the Grasberg minerals district have been temporarily suspended since September 8th, as previously reported, the company stated. It also noted that for the third quarter of 2025, FCX?s consolidated sales are expected to be approximately 4% lower for copper and approximately 6% lower for gold than July 2025 estimates. Preliminary assessments indicate that the impacts are likely to result in the deferral of significant production in the near-term (fourth quarter of 2025 and the year 2026) as repairs are completed and a phased restart and ramp-up of operations commences. A return to pre-incident operating rates could potentially be achieved in 2027.

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