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Copper Rises to Two-Week High on Freeport Mine Shutdown

Copper futures rose to the highest in almost two weeks on prospects for reduced supply as the world’s second-biggest mine remained closed following deadly accidents.

Freeport-McMoRan Copper & Gold Inc.’s Grasberg mine in Indonesia will be shut for as long as three months while the government holds an investigation. Closing the mine for the entire period would remove about 140,000 metric tons of copper supply, according to Macquarie Group Ltd., about 20 percent of the investment bank’s disruption allowance for 2013.