Copper Stocks Surge in Late Trading as Freeport Delays Indonesian Mine Restart to 2028

Stock News05-08

Copper-related stocks demonstrated significant strength during the late trading session. At the time of writing, JINXUN RESOURCE (03636) rose 7.96% to HK$24.42; MMG (01208) advanced 7.04% to HK$10.04; JIANGXI COPPER (00358) increased 3.6% to HK$39.72; CHINFMINING (01258) gained 3.57% to HK$14.82; and CMOC (03993) was up 3.3% to HK$20.32. The market movement follows reports from May 8 indicating that Tony Wenas, President of Freeport Indonesia, stated in a declaration on Thursday local time that the Grasberg copper mine, located in the central province of Papua, now aims to resume full production in early 2028. The mine's operations were previously halted due to a severe mudslide. Wenas had indicated in April that full production would restart by early 2027 after operations resumed in unaffected areas. This latest development represents another setback for global copper supply, which has already been impacted by a series of disruptions at major copper mines worldwide.

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