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Copper remained near the highest in more than a year after Freeport-McMoRan Inc. declared force majeure on contracted supplies from its giant mine in Indonesia.
Futures edged lower after surging as much as 3.9% on Wednesday, after Freeport cut its copper and gold sales guidance for the quarter as it searches for five missing workers following an accident at its site in eastern Indonesia.
The incident at Freeport highlights how vulnerable the copper market is to global supply shocks as tightness increases. It’s the latest disruption to the industry after Hudbay Minerals Inc. said this week it was shutting operations at a mill in Peru due to political protests.
Copper on the London Metal Exchange was down 0.3% to $10,310 a tonne at 8:46 am Shanghai time. Other metals on the exchange were lower or flat.
Catch the latest stock market updates with CNBCTV18.com's blog
Futures edged lower after surging as much as 3.9% on Wednesday, after Freeport cut its copper and gold sales guidance for the quarter as it searches for five missing workers following an accident at its site in eastern Indonesia.
The incident at Freeport highlights how vulnerable the copper market is to global supply shocks as tightness increases. It’s the latest disruption to the industry after Hudbay Minerals Inc. said this week it was shutting operations at a mill in Peru due to political protests.
Copper on the London Metal Exchange was down 0.3% to $10,310 a tonne at 8:46 am Shanghai time. Other metals on the exchange were lower or flat.
Catch the latest stock market updates with CNBCTV18.com's blog
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