Copper futures climbed above $4.75 per pound on Monday, extending last week’s advance as supply disruptions supported prices. Freeport-McMoRan, operator of Indonesia’s Grasberg mine, recently declared force majeure on contracted shipments after a fatal mudslide, with the site accounting for 3% of global copper supply. The company warned full output recovery is unlikely before 2027 and cut its quarterly copper and gold sales guidance by 4% and 6%, respectively. The incident highlighted the market’s vulnerability to supply shocks, compounded by Hudbay Minerals’ suspension of operations at the Constancia mine in Peru amid protests. Prolonged curbs risk driving prices higher and tightening conditions for smelters.
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