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.

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Source: MarketWatch.com