Copper prices surged as Freeport announces that the supply of the Grasberg mine has encountered force majeure.

Copper prices surged on Wednesday after Freeport McMoRan Inc. stated that a force majeure had disrupted its contract supply from the giant Grasberg mine in Indonesia. The three-month copper price on the London Metal Exchange rose 2% to $10,172 per ton. The company announced in a statement on Wednesday that two workers had tragically died following an accident at Grasberg on September 8. The company is still searching for five other workers. Teams are working day and night to clear mud and debris, steadily progressing in an effort to reach the area where the workers were at the time of the mud flow accident.