Copper mine disaster sends prices up 3.6% - small-cap traders who acted fast made fortunes
Key Points
- Freeport-McMoRan's Grasberg mine declared 'force majeure', l...
When a massive copper mine in Indonesia suddenly declares "force majeure" - basically the mining equivalent of calling in sick with the plague - you know things are about to get interesting. Freeport-McMoRan's Grasberg mine, which pumps out 3.2% of the world's copper, just went offline due to what they diplomatically called a "catastrophic incident." The result? Copper prices shot up 3.6% faster than your portfolio value drops during earnings season, hitting a 12-month high of $10,336 per tonne.
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