Copper wire is too high as it is.
In what Goldman's commodity team dubbed a "black swan event", copper mining giaint Freeport-McMoRan (FCX) declared force majeure on contracted supplies from its giant Grasberg mine in Indonesia, the second-largest source of the metal, sending prices of the metal soaring.
The US company also cut its copper and gold sales guidance for the quarter, now seeing 4% lower copper sales and 6% lower for gold than July 2025 estimates - as it continues to search for five missing workers following an accident at the site two weeks ago. Two employees are confirmed to have died following a flow of about 800,000 metric tons of mud into Grasberg’s underground levels.
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In what Goldman's commodity team dubbed a "black swan event", copper mining giaint Freeport-McMoRan (FCX) declared force majeure on contracted supplies from its giant Grasberg mine in Indonesia, the second-largest source of the metal, sending prices of the metal soaring.
The US company also cut its copper and gold sales guidance for the quarter, now seeing 4% lower copper sales and 6% lower for gold than July 2025 estimates - as it continues to search for five missing workers following an accident at the site two weeks ago. Two employees are confirmed to have died following a flow of about 800,000 metric tons of mud into Grasberg’s underground levels.
"A Black Swan Event": Copper Prices Soar After FCX Declares Force Majeure At World's 2nd Largest Mine | ZeroHedge
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