Sep. 25 at 7:24 PM
Freeport McMoRan’s Grasberg mine accident in Indonesia, causing two deaths and five missing, cut global copper supply by 3%, shifting 2025’s balance from a 105,000-ton surplus to a 55,000-ton deficit. Copper prices briefly rose above
$4.80/lb, supported by EV, heat pump, and AI data center demand.
Mining stocks, excluding Freeport, gained an average 4.1% Wednesday, with Glencore emerging as Wall Street’s preferred play. Freeport shares dropped sharply, while Southern Copper, BHP, and Anglo American rose modestly. Analysts expect prices to settle near
$4.70–
$4.90/lb long term, with the accident potentially pushing near
$5/lb.
Diversified miner Glencore has 84% Buy ratings, higher than the S&P 500 average of 55%, making it the favored copper play.
$FCX $GLEN $BHP $AAL $SPX