Glencore Halts Copper Shipments from Chile’s Altonorte Smelter Amid Furnace Issues
Glencore Plc has suspended shipments from its Altonorte copper smelter in Chile due to a furnace malfunction, disrupting operations as traders and producers rush to supply more metal to the U.S. ahead of potential tariffs.
The company has temporarily halted production and invoked force majeure clauses in its commercial contracts, sources familiar with the matter revealed. Force majeure provisions allow suppliers to suspend deliveries due to unforeseen circumstances beyond their control.
This setback adds to a series of recent disruptions at smelters and refineries in Asia, further tightening global copper supply at a time when markets are scrambling to get ahead of potential tariffs under U.S. trade policies.
The impact has already been felt in the market, with copper futures on New York’s Comex exchange surging to a record high on Tuesday.
The Altonorte smelter, with an annual capacity of 349,000 metric tons, produces copper anodes used by Chile’s state-owned Codelco to refine copper. A Glencore spokesperson declined to comment on the situation, while Codelco has yet to respond to inquiries.
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