Copper price back at record’s edge as Grasberg smelter halt bites, aluminum surges
The whole Comex curve is at record levels, with 2027 contracts above $7 a pound, yet copper mining stocks had one of their worst sessions of the summer.
Copper prices rose to a record high of $6.7005 a pound, just four-tenths of a cent away from the all-time high of $6.7045 set on August 5, according to the source. The surge in copper prices was attributed to a shutdown at the Grasberg smelter, which processes ore from the massive Grasberg mine. The Grasberg smelter halt exacerbated a supply shortage, pushing London benchmark copper prices above $14,000 a tonne for an unprecedented number of days.
Aluminum prices also surged to a seven-week high after a Brazilian alumina plant halved its output following a supplier's alert about potential natural gas disruptions. The Middle East's role in aluminum production has been diminished by the ongoing Iran war, leading to a drop in LME aluminum inventories to about 255,000 tonnes, the lowest level since November 1990.
The metals market observed significant declines in mining stocks, with Freeport-McMoRan, Lundin Mining, and First Quantum Minerals all witnessing drops of over 3%, while Vale experienced a 3.9% decline.
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