Copper prices surge as Freeport announces force majeure at Grasberg mine

Copper prices surged on Wednesday, marking the largest increase in over five months, after Freeport McMoRan Inc. announced that contract supplies from its giant Grasberg mine in Indonesia had encountered force majeure. The three-month copper price on the London Metal Exchange rose by as much as 3.2% to $10,297.50 per ton, the largest intraday increase since April 10. Freeport's stock fell 11% in the New York market, while competitors such as Glencore and Teck Resources saw their stock prices rise. The company stated in a release on Wednesday that two workers tragically lost their lives following an accident at the Grasberg underground operations on September 8. The company is still searching for five other workers. Teams are working around the clock to clear mud and debris and are making steady progress to reach the area where the workers were located at the time of the mudslide incident