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Freeport Indonesia lifts force majeure at Grasberg copper mine

  • The Indonesian unit of Freeport-McMoRan (FCX +3.1%) has lifted its force majeure at the Grasberg mine, the world's second-biggest copper mine, almost four months after a deadly accident forced a halt in operations, the local CEO says.
  • Copper prices are rallying today, up 2.2%, fueled by a trifecta of stronger manufacturing data from China, Europe and the U.S.
  • Copper prices have been trending upward since June, but Paul Ausick notes production is estimated to be 167K metric tons above demand this year and rising to 408K metric tons of excess production next year, which makes virtually certain a drop in price with the only question the size of the drop.
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