Copper Prices Soar to Record High Amid Grasberg Smelter Shutdown
Copper prices have reached a record high on August 11th, as a shutdown at the Grasberg smelter in Indonesia contributes to market tightness. The September copper contract on Comex traded at $6.7005 per pound, just 0.4 cents below its all-time peak established on August 5th.
The Comex premium is roughly $435, with cash metal settling $138 above the three-month contract on Monday. Benchmark prices first crossed the $14,000 threshold earlier this month, and LME stockpiles declined by another 4,675 tons on Monday, bringing inventories to 218,300 tons.
Operations at the Gresik smelter are halted due to a boiler leak on August 8th, with no timeline for restart. The Grasberg mine continues to recover from a fatal mudslide last September and is not projected to hit full output until late 2027.