🏄 Grow your portfolio even on vacation with InvestingPro | Summer Sale 50% OFFCLAIM SALE

Freeport-McMoRan Mine Closure To Provide Copper Support

Published 06/13/2013, 03:09 AM
Copper prices continue to decline due to slower than expected growth in China and fears of quantitative easing, while other indicators suggest that copper could be given some price support.

Freeport-McMoRan Copper & Gold declared force majeure on an operation in Indonesia following two fatal accidents in May, in which 29 people died. The mine is the second largest in the world.

BHP Billiton’s deal with Chinese smelters involving treatment and refining charges, suggests that miners have more leverage in negotiations due to tighter supplies. In addition, Chinese copper stocks have declined.

All of this suggests we ought to see copper prices stabilize at a minimum.

In Tuesday’s closing, the cash price of primary copper fell by 1.2 percent on the LME, landing at $7,035 per metric ton and making it the day’s biggest mover. Also on the LME, the 3-month price of copper declined 1.1 percent to $7,070 per metric ton.


The price of U.S. copper producer grade 122 fell 1.0 percent. The price of U.S. copper producer grade 110 weakened by 1.0 percent. The price of U.S. copper producer grade 102 saw a 1.0 percent decline. The cash price of primary Japanese copper flattened after two days of downward movement.

Chinese copper prices closed flat for the day. The price of Chinese copper bar showed little movement yesterday. The Chinese copper cash price held steady Wednesday. The price of Chinese copper wire held steady. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.

Which stock should you buy in your very next trade?

AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?

Unlock ProPicks AI
Read Next

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.