Copper Bounces Back on Force Majeure at Grasberg

Copper prices hit a mid-week high on June 12, backed by the declaration of force majeure at Freeport McMoran’s (NYSE:FCX) Grasberg mine. Copper for three month delivery hit a high in early trading of $7,144.75 a metric ton in London. The red metal is up $78.59 from the previous session, Bloomberg reported.

On the Comex in New York, copper prices were at $3.223 a pound – an increase of $0.29.

Grasberg – the world’s second largest mine – shut its doors following a fatal accident in May. Freeport-McMoRan Copper & Gold Inc. said the closure of the mine has caused the company to lose out on about 3 million pounds of copper production, MarketWatch reported.