Copper climbed the most in nearly a year, after the recent 8.8 earthquake in Chile, the largest global producer of the metal.
Copper climbed the most in nearly a year
Monday, rallying after a major earthquake forced some mines to stop operations
in Chile, the largest global producer of the metal.
With an 8.8 magnitude, the weekend quake reportedly cut
power and halted production at properties run by Codelco, Anglo American and
Antofagasta, but Codelco planned to use unaffected plants in northern Chile to
make up for the disruptions.
Paring an earlier gain of more than 6%, copper futures for
May delivery were lately up 2.1% to $3.35 a pound on the New York Mercantile
Exchange. The contract had risen as high as $3.49 a pound on an intraday basis.
herefor more on the story.
Copper Prices Rise After Earthquake in Chile
March 1, 2010