Copper stocks shined in Hong Kong trading. CMOC rose 12%; CHINFMINING up 11%; MMG up 9%; Jiangxi Copper rose 7%; Zijin Mining rose 6%.
Copper prices jumped after Freeport-McMoRan detailed the significant production impact from the suspension of its Grasberg Block Cave mine in Indonesia and declared force majeure.
Production in the Grasberg minerals district - the world's second-largest copper mining complex - was stopped following this month's mud rush incident, and Freeport (NYSE:FCX) said preliminary assessments indicate the impacts likely will result in the deferral of significant production in Q4 2025 and full-year 2026, with "a return to pre-incident operating rates potentially achieved in 2027."
Freeport expects Grasberg Block Cave to have a phased ramp-up starting in H1 2026, and company-wide production in 2026 could come in 35% lower than initially anticipated; the overall Grasberg minerals district produced 297,000 metric tons of copper in H1 2025.