Copper price extends gain on Chinese recovery while US election looms
Prices climbed as much as 0.9% after China’s monthly services activity expanded at the fastest pace since July.
Copper miner Freeport Indonesia has restored operations at its huge Grasberg mine in Indonesia’s Papua region, after it was hit by floods, a company spokesperson said on Wednesday.
The company was forced to stop operation at its flagship mine in February after heavy rain and mud flows caused damaged at the facilities.
“At the moment operations at mining and our processing plant have returned to normal after the flood,” spokesperson Katri Krisnati said in a text message.
Chief executive Tony Wenas said in mid-February that a conveyor belt at Freeport’s underground mine was washed away in the floods, disrupting ore transportation.
Freeport-McMoRan Inc has cut its first-quarter copper sales forecast after the disruption at Grasberg.
(By Fransiska Nangoy; Editing by Ed Davies)
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