Copper miners gain as red metal rallies on Freeport force majeure

Shares of copper miners rise, tracking a rise in red metal prices

Benchmark three-month copper CMCU3 on London Metal Exchange up 2.2% at $10,195 a metric ton, the highest since June 2024

Copper prices rise after Freeport-McMoRan FCX.N declared force majeure at its Grasberg mine in Indonesia, delaying operations until mid-2026

FCX shares fall ~10% to $40.90, as it also lowered Q3 copper and gold consolidated sales forecast

U.S.-listed shares of global mining giants Rio Tinto RIO.N up marginally and BHP Group BHP.N rise 0.5%

Copper miner Southern Copper SCCO.N up 8.6%

Canadian miners Hudbay Minerals HBM.TO gains 6.8%, Teck Resources TECKb.TO up 5.8% and Ero Copper ERO.TO rises 9.4%