Copper prices up on Chile earthquake

Base metals prices were higher Wednesday after an earthquake with a magnitude of 7.7 and at least one aftershock at magnitude 5.7 hit Chile’s mineral-rich northern region.

Several copper mines were hit by power outages that stopped operations, but reports were already emerging that at least one mine had resumed work within a couple of hours after the main quake hit.

Chile produces over one-third of the world’s copper supplies.

By just past noon in New York it was still unclear how much, if any, damage had been sustained at the mines.

Three-month copper on the London Metal Exchange added 3 percent to $7,135 per tonne while December copper in New York was up 19 cents to $3.30 per pound.

Tin was 4 percent higher to a record high $17,575 per tonne as traders predicted it could rise as high as $25,000 per tonne on uncertainties surrounding Indonesian supplies.

Elsewhere among metals with industrial uses, zinc added $25 to $2,665 per tonne while aluminium was up $31 to $2,609 per tonne and lead gained $55 to $3,480 per tonne.

Nickel dropped $100 to $33,300 per tonne.