On the London Metal Exchange (LME), three-month copper contracts were up by 0.23% at $10,514.5 per metric ton by 0239 GMT. The metal had already reached a 16-month high on Thursday and is set to end the week with a 3.27% gain.
The ongoing rise marks copper’s third consecutive positive session, driven by concerns over tight supply and heightened demand expectations.
Investor focus has shifted toward disruptions in copper supply, especially after Freeport-McMoRan declared force majeure at its Grasberg mine in Indonesia, one of the world’s largest copper producers.
Grasberg accounts for around 3% of global concentrate production, and analysts estimate the disruption could lead to a supply loss of approximately 591,000 tons. The news has added upward pressure on prices globally.
Vedanta, through its subsidiary Sterlite Copper, has significant exposure to the copper business. Established in 1996, it has grown to become one of India’s foremost producers of refined copper, at one point meeting up to 36% of the country’s demand.The facility in Thoothukudi, Tamil Nadu, includes a 400,000 metric tonnes per annum (MTPA) copper smelter, along with integrated infrastructure such as a refinery, a copper rod plant, a sulphuric acid plant with a capacity exceeding 1.2 million MTPA, and a 220,000 MTPA phosphoric acid plant. In addition, Sterlite Copper operates a 160 MW coal-based power plant at the same location.Also read: Zerodha co-founder Nithin Kamath welcomes RBI’s move to raise share-backed loan limit to Rs 1 crore
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