Copper prices up on Chile earthquake
by Elaine Frei

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.
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