09.10.202504:11:18UTC+00Copper Climbs on Global Mine Disruptions

Copper futures surged past $5 per pound on Thursday, reaching their highest levels in over two months. This uptick follows disruptions in mining operations in Chile and Indonesia, which have intensified supply concerns. In Indonesia, the Grasberg mine continues to face production challenges after a fatal accident last month. Freeport-McMoRan, the mine's operator, has indicated that a return to full output may not occur until early 2027. In Chile, Codelco, a state-owned enterprise, has halted both mining and smelting activities at its El Teniente site due to an earthquake in late July. Likewise, Teck Resources in Canada has reduced its annual production forecast to 170,000–190,000 metric tons, down from an earlier estimate of 210,000–230,000 metric tons. Furthermore, market optimism is being bolstered by the prospect of another Federal Reserve rate cut this month and a potential further cut in December, enhancing the overall demand outlook for industrial metals.