The market was slow to pickup on the importance of the Freeport-McMoran update following the mudslide at its massive Grasberg mine but it's quickly becoming clear. Two miners are dead and five miners remain missing following the 800,000 tonne mudslide and today FCX called off search efforts. Goldman Sachs estimates the disaster has shifted its 2025 global copper balance from a projected surplus of 105,000 tons to a deficit of 55,500 tons. Copper prices are higher again today and copper miners are surging. This is the COPX copper miner ETF, which is up 10% since last week and 4.4% today.