UBS raises copper outlook as mine disruptions deepen supply deficits
UBS said that it expects the copper price to increase into next year. The bank cited tightening supplies due to mine disruptions, and a strong demand for clean energy and electrification. UBS's updated projections show that its March 2026 forecast price was increased by $750 to $11,500 per metric ton. It also raised its targets for June and September 2026 by $1,000 each to $12,000 and $12,500 respectively.
Freeport Indonesia aims to produce 478,000 tons copper cathode in 2026
Freeport Indonesia will produce 478, 000 metric tons copper cathode, and 26 tons gold by 2026. This is lower than the initial plan, due to a recovery process that continues following a mudflow accident. Chief executive Tony Wenas announced this on Monday. Seven workers were killed by a mudflow in September in Freeport's Grasberg Block Cave.
Freeport will restore large-scale production at Indonesia's Grasberg Mine in 2026
Freeport-McMoRan, a copper miner in Indonesia's Grasberg district, said Tuesday that it will resume large-scale production there from the second quarter 2026. This follows a fatal accident earlier this year which forced operations to be halted. On September 8, around 800,000 metric tonnes of wet materials flooded the Grasberg Block Cave at the complex. Seven workers died.
Freeport Indonesia announces that the investigation into the Grasberg incident is complete
Freeport Indonesia announced on Friday that the investigation into a mudflow that killed seven employees at its Grasberg gold and copper mine is over and that the government has made improvements recommendations to the company. Yuliot Tajung, the deputy mining minister, had earlier told reporters that the ministry would be evaluating…
Trump adds copper and metallurgical coke to the US list of critical minerals
The Trump administration released a list of essential minerals on Thursday, including copper, which plays a vital role in electric vehicles, power grids and data centers. It also includes metallurgical coke, which can be used to produce coke. The list of minerals maintained by the Interior Department guides federal investment and permits decisions, and shapes government's overall mineral strategy.
Andy Home highlights the impact of mine supply strikes: ROI-Copper Study Group
Copper mine supply disruptions are nothing new, but the current year has been particularly difficult for a sector racing to meet smelter demands. According to the International Copper Study Group, the impact of unexpected production losses will be felt next year in full force. The Group's latest statistical update said that tightness…
Trump reverses Biden's rules on copper smelters
The U.S. president Donald Trump reversed on Friday a Biden-era rule on air pollution that had set stricter limits for emissions from copper smelters. Under updated federal air standards, the copper rule finalized in 2024 required smelters reduce pollutants such as lead, mercury, arsenic and dioxins. The White House says that Trump's proclamation will help to promote American mineral security…
Andy Home highlights the impact of mine supply strikes: ROI-Copper Study Group
Copper mine supply disruptions are nothing new, but the current year has been particularly difficult for a sector racing to meet smelter demands. According to the International Copper Study Group, several of the largest copper mines in the world have suffered unexpected production losses. The cumulative impact is expected to be felt next year.
Freeport-McMoRan profits beat expectations as copper prices rise to cushion production decline
Freeport-McMoRan surpassed Wall Street's estimate of third-quarter profits on Thursday as higher copper prices helped offset lower production following the suspension of operations at its Grasberg Mine in Indonesia. In premarket trading, the shares of mining companies were up by 3.3%. The shares have risen 7.1% this year. The average copper price rose in the third quarter compared to a year ago…
The return of meat on the menu is a feature of MORNING BID, EUROPE
Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. Investors may feel tender this morning, after a brutal after-hours session that smashed tech megacaps as well as high-flying meme stocks. Beyond Meat's shares fell 11.4% after-hours, as the company that was heavily shorted for its fake meat reversed direction after retail investors flocked to the stock.
Venture Global's commissioning extension of Plaquemines LNG Plant has been approved by federal regulators
A regulatory filing revealed that federal regulators approved Venture Global's request for additional time to commission its Plaquemines LNG facility in Louisiana before declaring full commercial operations. Venture Global can sell the liquefied gas at higher prices on the spot market by extending the commissioning phase. This is because long-term contracts are only applicable during full operation.
LMEWEEK-Codelco lifts El Teniente loss estimate, copper output target intact
Codelco is likely to suffer copper losses of 45% more than originally estimated. However, Chairman Maximo Pacheco expects a slight increase in production from the world's biggest copper miner this year. The loss of production at the El Teniente mine in Chile, along with other disruptions such as those at Freeport-McMoRan’s Grasberg Mine in Indonesia have tightened supply and pushed prices up to $11…
S&P 500 and Nasdaq close higher as Fed worries are outweighed by tech strength
The technology sector helped U.S. stock prices close higher on Wednesday, as investors, unable to access economic data due to the shutdown of the federal government, turned to the minutes from the Federal Reserve’s latest policy meeting to get a sense of the outlook for rate cuts until year-end. Nasdaq, the tech-heavy market, was in front.
Aurubis raises premium for 2026 European Copper to a record $315 per ton
Three market sources reported on Tuesday that Europe's largest copper smelter Aurubis would charge European customers an additional $315 per ton of refined copper in the coming year. This is a record-high for the German company. The premium is added to the London Metal Exchange copper price, which is used in construction and power. It is 38% higher than the $228 per ton paid in 2025 or the two previous years.
Copper reaches 16-month peak as it moves towards its strongest week since April
Copper prices rose to a 16-month peak on Friday as supply restrictions and a weaker dollar drove up the price. In official open-outcry trading, three-month copper at the London Metal Exchange rose 0.7% to $10,565 per kilogram. It is on track for a gain of 4,1% on a weekly basis, marking its best week since April 7. It had previously reached $10,599.50 - the highest level since May 29, 2024.
Dollar softens as concerns about supply persist. Copper prices rise.
The copper price rose slightly on Wednesday due to the ongoing disruption in mine supply, and a weaker dollar. As of 0930 GMT, the London Metal Exchange reported that three-month copper was up 0.3% to $10,294.50 a ton. The markets in China, the world's largest metals consumer, are closed between October 1 and 8 for National Day. The…
Freeport-McMoRan says it is still in discussions with Indonesia about the Grasberg Mine rights.
Freeport-McMoRan announced on Tuesday that it is still in talks with the Indonesian government regarding the rights to operate the Grasberg gold and copper mine beyond 2041. Earlier on Tuesday, news reports indicated that Phoenix's Freeport had agreed divest a 12% share in its Indonesian subsidiary, PT Freeport Indonesia. Grasberg…
The Grasberg Mine accident reduces the global copper supply estimates
Metals analysts have cut their estimates for global copper supply for this year and the next after an incident at the giant Grasberg Mine has dramatically tightened the market outlook. Last week, copper prices reached a 15-month-high of $10 485 per metric ton after Freeport McMoRan declared Grasberg mine in force majeure and cut the sales forecast for Indonesian unit this year and by 2026.
Andy Home: Grasberg disaster shows fragility in copper supply chain
Copper markets are used to sudden supply disruptions, but the events that occurred at Freeport-McMoRan’s Grasberg Mine in Indonesia were unprecedented in their scale and impact. Grasberg, after Escondida mine in Chile, is the second largest copper mine in the world. The 815,000 tons of copper produced last year represented 4% of the global output.
Indonesia's mining minister claims that the Indonesian mining industry has halted all mining at Freeport to look for trapped miners.
The Indonesian government and Freeport Indonesia have reached an agreement to halt the Grasberg Mine's operations to prioritize the search for trapped miners, said the mining minister of the country on Friday. Seven workers were trapped in a large mudflow at the Grasberg Block Cave Underground Mine earlier this month. Freeport reported that two of the seven workers found dead were discovered on September 20.