The smelter stopped production, causing McMoRan Copper & Gold (FCX.US) to urgently sell 100,000 tons of copper concentrate. Global copper companies welcome unexpected "supplies".
After the sudden shutdown of the MacMoran copper smelter in Indonesia, they are selling copper concentrates in quantities larger than expected, providing a temporary respite for smelters facing a historic supply shortage.
According to reports, Freeport-McMoRan Copper & Gold (FCX.US) is selling copper concentrate in a larger-than-expected scale following a sudden shutdown of its own smelting plant in Indonesia. This provides a temporary respite for smelting companies facing historic supply shortages.
The report points out that the unusual sales are due to a sudden malfunction of the oxygen system at PT Smelting, a smelting plant under Freeport-McMoRan Copper & Gold, which has forced the planned four-week maintenance period to be extended. The smelting plant mainly processes ore from the company's flagship project, the Grasberg copper-gold mine.
It is reported that the shutdown has released about 100,000 tons of copper concentrate inventory from the Grasberg mine. As these goods need to be transported within the temporary export license deadline expiring in mid-September, the company is expediting shipping arrangements.
Analysts say that although this supply volume has limited impact on the global copper market, amidst a surge in global smelting capacity leading to fierce competition for raw materials, it will inject substantial short-term liquidity into the spot market.
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