Copper Prices Skyrocket Amid Global Mine Disruptions
Copper prices have hit an all-time high of $6.83 per pound on September 22, exceeding previous records by around 48% over the past year.
The surge in copper prices is attributed to a severe supply shock caused by mine disasters and disruptions worldwide.
Two major mines, Kamoa-Kakula in the Democratic Republic of Congo and Grasberg in Indonesia, have been severely affected by seismic tremors and mudslides respectively.
The Kamoa-Kakula mine experienced flooding due to seismic tremors on May 18-20, resulting in a significant decrease in production from 520,000 to 580,000 tons per year to around 388,838 tons in 2025.
Meanwhile, the Grasberg mine was forced to declare force majeure on September 8 due to a mudslide, which is expected to strip out an estimated 591,000 tons of copper output by the end of 2026.