Freeport has temporarily suspended operations at the Grasberg mine in Indonesia after an underground incident involving a wet rock flow.

Which blocked key access roads, according to a company press release. Rescue operations are currently underway. Grasberg is one of the world's largest copper and gold mines, accounting for about 4% of the world's copper output. In our opinion, even a short-term disruption of the facility could further tighten the already tense copper market and provide additional support to prices, especially in combination with the suspension of underground operations at the Kakula mine at the end of May (1.5% of global production), as well as the recent fatal accident at the El Tentiente mine (2% of global production the volume of supplies).