Grasberg Copper Mine Production Resumption Timeline Remains Unchanged

German copper producer Aurubis on Friday raised its full-year profit guidance, saying stronger market and operational prospects put the company's profits on track to exceed previous expectations.The company said persistently high metal prices, expected revenue growth from recycled material processing, and higher sulphuric acid sales in H2 would support its performance.Aurubis's metal products have broad applications across multiple industries.The copper market has maintained robust demand due to strong copper demand from AI data centers and electrification construction.Aurubis raised its full-year operating pre-tax profit (EBT) guidance from the previous expectation of 375 million to 467 million euros to 425 million to 525 million euros.

Citigroup said on Friday that copper prices were expected to find solid support near $13,000/mt, but also cautioned investors to remain prudent, as a renewed escalation in U.S.-Iran tensions could trigger risk-off sentiment in the market, easily pushing copper prices lower.

London copper prices climbed to a three-month high and were on track for their best weekly performance since January. This came after mining giant Freeport-McMoRan said the production recovery at its Grasberg mine in Indonesia would be slightly delayed, boosting market expectations of tightening supply.