Elite Trader Group

Copper futures surged over 4% to $4.77 per pound, the highest in two months, after Freeport-McMoRan declared force majeure on supplies from its Grasberg mine in Indonesia, the world's second-largest copper source.

The move follows a severe accident on September 8, which killed two workers and left five missing amid a mud flow of roughly 800,000 metric tons.

Freeport cut its quarterly copper and gold sales guidance by 4% and 6%, respectively.

The disruption highlights the copper market's sensitivity to supply shocks, compounded by Hudbay Minerals halting operations at its Peruvian Constancia mine due to protests.

Grasberg alone accounts for 3.2% of global mined copper, nearly 30% of Freeport's copper output, and 70% of its gold production, showing the scale of the impact.

Prolonged disruptions could further boost prices and strain the smelting industry.

Sales of new single-family homes in the United States jumped by 20.5% from the previous month to a seasonally adjusted annualized rate of 800K units in August 2025, the highest level since January 2022, following an upwardly revised 664K in July and beating forecasts of 650K.

Discounting and promotional offers were probably the main forces behind the surge.

Sales soared in the Northeast (72.2% to 31K), the South (24.7% to 530K), the Midwest (12.7% to 89K) and the West (5.6% to 150K).

Meanwhile, the number of unsold homes on the market fell 1.4% to 490K, equivalating to 7.4 months of inventory at the latest sales pace.

The median sales price was $413,500, 4.7% higher than in the previous month.

source: U.S. Census Bureau