Worker Killed at Freeport McMoRan's Grasberg Copper Mine; Japanese Copper Up for Third Straight Week

A worker has died “after an incident in an underground section of Freeport McMoRan Copper and Gold Inc’s giant Grasberg copper mine in Indonesia on Sunday, the company said,” reports Reuters.

“Operations and production at the world’s second-biggest copper mine were not affected, a union official said.”

“‘The Freeport Indonesia command center received a report of an incident in the West 1E loading area in the DOZ underground mine,’ Freeport Indonesia corporate communications officer Karel Luntungan told Reuters via text message on Sunday.”

“An underground rescue team had evacuated two victims. One was declared dead and the other was receiving treatment at Tembagapura hospital not far from the mine, Luntungan said.”

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The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 2.0 percent increase. This week marked the third in a row of rising prices for the metal. Last week, the price of US copper producer grade 122 shifted slightly, rising by 0.3 percent to close. The price of US copper producer grade 110 shifted up 0.3 percent. A 0.2 percent gain landed the price of US copper producer grade 102. Prices for Korean copper strip remained constant.

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Chinese copper prices were mixed for the week. Following a 0.9 percent increase, Chinese bright copper scrap finished the week. The price of Chinese copper wire fell 0.6 percent after rising 0.6 percent the week before. Chinese copper bar prices were off slightly, down from a week ago. The cash price of Chinese copper declined after drifting 0.2 percent since last week.

Following a steady week, prices for on the LME the cash price of primary copper closed flat at $6,987 per metric ton. Also on the LME, the 3-month price of copper traded sideways last week, hovering around $6,994 per metric ton.

The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends. For more information on the Copper MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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