Indonesia’s government holds Freeport McMoRan’s Grasberg gold and copper mining operations in its hands right now.
“Freeport has passed on a letter (requesting) permission to reopen the open-pit,” Energy and Minerals Resources Minister Jero Wacik recently told reporters, as quoted by Reuters. “We will decide this week whether to allow the open pit (to reopen) or not.”
Arizona-based Freeport already “declared force majeure last Wednesday to free itself from obligations to deliver copper concentrate from its Grasberg mine.”
Most daily transactional prices on our metal price index were not affected by worries over copper supply shortages.
After three changeless days, the price of Chinese copper wire closed lower. The price of Chinese copper bar fell 0.2 percent. The Chinese copper cash price declined 0.2 percent. The price of Chinese bright copper scrap was unchanged.
The Japanese copper cash price fell 1.6 percent. The prices of US copper producer grades 102, 110 and 122 remained essentially flat.
The cash price of primary copper saw a 0.2 percent decline on the LME to $7,044 per metric ton. The copper 3-month price weakened by 0.1 percent on the LME, settling at $7,085 per metric ton.