Copper Prices Near Record High Amid Smelter Shutdown and Production Cuts

Copper prices are nearing an all-time high as supply concerns intensify. The shutdown of a smelter processing ore from the Grasberg mine in Indonesia has added to an already tight market, keeping benchmark London Metal Exchange copper above $14,000 a metric ton for numerous sessions.

The disruption at the Gresik facility, operated by PT Smelting, is expected to last several weeks as it undergoes assessment and repairs. The Grasberg mine itself is still recovering from a fatal mudslide in September 2027, with production not expected to reach full capacity until the end of 2027.

Copper prices on COMEX rose to $6.7005 per pound, just four-tenths of a cent below the record high of $6.7045 set on August 5. The December contract climbed to $6.7980 per pound, while copper futures for delivery in the second half of 2027 traded above $7 per pound.