Freeport-McMoRan Suspends Mining After 4 Workers Killed at its Indonesia Copper Mine

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Freeport-McMoRan temporarily suspended open-pit mining at its Indonesian mine on Saturday, a company statement said, after 4 people died in an accident at one of the world’s biggest copper mines.

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A collision involving a truck carrying 9 people at the Grasberg open-pit mine resulted in activities being temporarily suspended for an investigation of the accident, Freeport spokeswoman Ledy Simarmata said in a statement.

Rising 1.2% to close at JPY 772,000 ($7,057) per metric ton, the cash price of Japanese copper experienced the biggest change for Tuesday, September 30. After a 0.8% increase, the price of US copper producer grade 110 finished the day at $3.76 per pound. The price of US copper producer grade 122 gained 0.8% to finish at $3.76 per pound. At $3.95, the price of US copper producer grade 102 finished the market day up 0.8% per pound.

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Chinese copper prices were mixed for the day. Following a two-day drop, the price of Chinese copper bar increased by 1.2% to CNY 49,720 ($8,085) per metric ton. Following a 1.2% rise yesterday, the Chinese copper cash price closed at CNY 49,920 ($8,117) per metric ton. The price of Chinese copper wire saw little movement at CNY 50,395 ($8,194) per metric ton. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,203) per metric ton.

On the LME, the primary copper cash price fell 0.5% to $6,735 per metric ton. The 3-month price of copper weakened by 0.4% on the LME, settling at $6,694 per metric ton.

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