Latest news with #FreeportIndonesia
Zawya
22-05-2025
- Business
- Zawya
Copper touches three-week low as economic uncertainty lingers
Copper prices hit a three-week low on Thursday and other base metals also eased as uncertainty persists over economic conditions and demand growth. Benchmark copper on the London Metal Exchange (LME) was down 0.7% at $9,462 a metric ton by 0938 GMT after touching it lowest since May 1 at $9,223.20. "A real state of paralysis has swept through metals markets," said Alastair Munro at broker Marex, pointing to the expiry of LME benchmark contracts last week. Prices have been pressured by a sharp rise in Chinese copper inventories last week, ending a three-week run of large withdrawals. Analysts and traders said that the rise was due to tepid copper demand in China and steady output from a growing smelting sector. Also weighing on the market was the prospect of more supply after Freeport Indonesia's Manyar smelter in East Java resumed operations ahead of schedule after a fire last year. It is expected to produce copper cathode by the fourth week of June. Investor sentiment, meanwhile, remained subdued in the face of a deteriorating U.S. fiscal outlook, with last week's Moody's downgrade fueling a growing 'Sell America' narrative and leaving markets adrift. Helping to curb losses was a softer U.S. dollar, making dollar-priced metals cheaper for buyers with other currencies. LME lead fell 1.1% to $1,952 a ton after touching its lowest since May 9 at $1,947.50. On-warrant LME lead inventories have surged by 91% over the past two days to 234,000 tons, their highest since December 2024. Among other metals, aluminium dipped 0.2% at $2,467 a ton, zinc eased by 0.2% to $2,688 and nickel was down 0.9% at $15,450 while tin lost 1.4% to $32,365. (Reporting by Ashitha Shivaprasad in Bengaluru Editing by David Goodman)
Reuters
22-05-2025
- Business
- Reuters
Freeport Indonesia says Manyar smelter resumes operations after fire
JAKARTA, May 22 (Reuters) - Copper miner Freeport Indonesia said its $3.7 billion Manyar smelter in East Java has resumed operations earlier than anticipated after a fire took it offline last year, and is expected to produce copper cathode by the fourth week of June. CEO Tony Wenas said in a statement on Thursday the plant was expected to reach full production capacity by December. A fire damaged the plant last October. Wenas said production had been expected to resume in June, but the repairs were completed ahead of schedule. In March, the Indonesian government gave Freeport Indonesia, a unit of Freeport-McMoRan Inc (FCX.N), opens new tab, a six-month permit to export 1.27 million metric tons of copper concentrate, relaxing a country-wide export ban on unprocessed copper because the company was unable to use the smelter.
Reuters
06-03-2025
- Business
- Reuters
Indonesia issues new rule allowing mineral exports in force majeure cases
JAKARTA, March 6 (Reuters) - The Indonesian government has issued a regulation allowing mineral companies to export unprocessed ore in force majeure situations, the energy ministry said on Thursday. Indonesia banned exports of raw minerals in 2023 to encourage metals processing at home, but has made some exemptions, including to miner PT Freeport Indonesia, which was granted a permit last year to export copper concentrate until repairs at its Manyar smelter are completed. Freeport has asked the government for a new export license after its previous one lapsed at the end of last year. Dadan Kusdiana, secretary general of the Energy and Mineral Resources Ministry, said export permits are valid for six months after the ministry issues a recommendation they be granted. Dadan told Reuters Freeport Indonesia had yet to request a new export license for copper concentrate. Freeport Indonesia did not immediately respond to a request for comment. Bloomberg Technoz had earlier on Thursday cited a deputy energy minister as saying Freeport Indonesia would be allowed to export copper concentrate until June 2025 following the issue of the new regulation. here.
