12:15 PM EDT, 09/25/2025 (MT Newswires) -- UBS on Thursday said mine disruptions are squeezing copper supply after Freeport-McMoRan ( FCX ) declared force majeure on shipments from its Grasberg mine in Indonesia, the world's second largest and cut its guidance after a massive mudslide into the mine's underground levels.

"Grasberg guidance cut (~200kt) adds to incidents at Kamoa Kakula & El Teniente so far in 2025 and protests in Peru create further near-term risks to mine supply. We previously forecast 2026 global mine supply growth of ~2% (500kt) after a 5% disruption allowance; adjusting for the change in Grasberg guidance reduces forecast 2026 mine supply growth to ~1% (