Freeport McMoRan Eyes Grasberg Full Output by 2027 as Copper Prices Soar 75%
Freeport McMoRan expects its Grasberg mine to return to full output by 2027 after closures, aiming to relieve a tight copper market. Global copper prices have jumped 75% since October 2023 and 40% over the past year, lifting the CPER copper futures ETF 15.7% year-to-date.
1. Record Copper Prices Strike Market
Global copper prices climbed to record highs, rising roughly 75% since October 2023 and 40% year-on-year as demand surges from AI data centers and clean-tech manufacturing. The CPER copper futures ETF has rallied 15.7% year-to-date, reflecting acute market tightness.
2. Supply Tightness from Grasberg Closure
The partial shutdown of Indonesia’s Grasberg mine removed significant copper output, exacerbating global supply constraints. Concurrent declines in Chinese inventories to multi-year lows have further intensified price pressure.
3. Grasberg Restoration Timeline and Outlook
Freeport McMoRan forecasts a full return to Grasberg’s pre-closure production levels by 2027, which could inject substantial volumes into the market. Analysts will monitor project milestones closely, as renewed output may temper the current price rally over the medium term.