Commodities
Copper Hovers Near Record High Amid Smelter Disruptions and Tight Supply
Copper prices have reached an all-time high, just $0.04 shy of their record peak set on August 5.
The surge is attributed to supply concerns stemming from a smelter shutdown in Indonesia, where ore from the massive Grasberg mine will be processed for assessment and repairs after a boiler leak on August 8.
The Gresik facility's temporary closure has exacerbated an already tight market that has kept London Metal Exchange copper above $14,000 per metric ton for an unprecedented number of sessions.
In related news, aluminum prices have jumped to a seven-week high after production was cut by half at an alumina refinery in Brazil due to natural gas disruptions.