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Indonesian copper shipment delayed
Copper shipments from Indonesia are experiencing delays due to the closure of the Grasberg smelter following a sudden leak in its converter, disrupting production processes and leading to a shortage of the global supply of the metal. This crisis has contributed to a surge in copper prices to record levels exceeding $14,000 per ton for five consecutive days, with increased premiums on short-term deliveries, reflecting investors' concerns over the continued supply constraints. The Manyar smelter operated by Freeport is expected to resume its operations in September to boost output, with expectations of a gradual recovery extending into 2028.
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