According to mining.com citing Bloomberg, Glencore Plc has suspended shipments from a copper smelter in Chile after a problem arose with the smelter's furnace. This setback comes as traders and producers are rushing to ship more metal to the US ahead of a potential tariff hike.
Sources familiar with the matter said Glencore has temporarily halted operations at the Altonorte plant and invoked the so-called force majeure clause in commercial contracts. The sources requested anonymity due to confidentiality. The force majeure clause allows suppliers to halt shipments due to circumstances beyond their control.
This incident exacerbates recent shutdowns at smelters and refineries in Asia, which could further tighten the metal market as the world scrambles to prepare for potential tariffs by US President Donald Trump.
On Tuesday, copper futures on the Comex surged to record levels.
Altonorte has an annual capacity of 349,000 mt of anode plates, an intermediate product used by Chile's state-owned Codelco to produce refined copper. A Glencore spokesperson declined to comment. Codelco did not immediately respond to requests for comment.
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