- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Copper Jumps 10 Cents as Production Halts at Freeport’s Grasberg Mine
Bloomberg reported that Freeport McMoRan (NYSE:FCX) has halted production at its Grasberg mine in Indonesia as about 50 workers blocked road access to the mine. Copper was on the rise following the news, jumping roughly 10 cents to $2.75 on the news.
Bloomberg reported that Freeport McMoRan (NYSE:FCX) has halted production at its Grasberg mine in Indonesia as about 50 workers blocked road access to the mine. Copper was on the rise following the news, jumping roughly 10 cents to $2.75 on the news.
As Grasberg is one of the largest copper mines in the world, a stoppage of production certainly has the potential to affect copper prices.
As quoted in the publication:
About 50 workers blocked access to a road to the mine for the fourth straight day, and output was suspended starting Monday, while shipments from inventories continued. Freeport is the largest publicly traded copper producer.
“Investors are keeping a nervous eye on a lingering work stoppage at Grasberg,” Edward Meir, an analyst at INTL FCStone in New York, said in a daily report. “Clearly, this is something the markets are watching.”
On the Comex, copper futures for May delivery jumped 3.5 percent to settle at $2.66 a pound at 1:23 p.m. in New York, the biggest gain for a most-active contract since Feb. 3.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.