Freeport’s export permit to end

Jakarta

Freeport McMoRan Inc's copper concentrate export permit for its Indonesian unit will expire on Tuesday, Didi Sumedi, an official at the trade ministry told Reuters on Monday.

Last week, Indonesia's government stated that Freeport, which runs the massive Grasberg copper and gold mine, must put a further $530 million into an escrow account in order to get an extension to its export permit.

Meanwhile, traders have been raising their bets on an even steeper decline in copper prices in the coming months, worried that Chinese demand is dwindling just as investment made when markets were booming unleashes a new wave of supply.

Purchases of LME copper put options have been climbing since early November, but ramped up this month. They give buyers the right to sell copper at a preagreed price - in this case $4,000 or below - and are typically seen as a bet on falling prices.