Copper prices up on Chile earthquake

The price of copper was up in after-hours trade on reports that a magnitude 5.8 earthquake hit near copper-mining regions in Chile, although later reports from at least one mine said that there were no disruptions due to the quake.

Three-month copper added $25 in London to $6,840 per tonne but after the news of the quake the metal rose to $6,962 per tonne in electronic trade, while December copper added 3 cents to $3.11 in New York.

The gains came despite more gains in London Metal Exchange warehouses, to 203,900 tonnes and even though concerns remain about demand, especially in the large markets of China and India.

In other base metals, aluminium added $23 to $2,626 per tonne, lead was up $29 to $1,799 per tonne, zinc was $32 higher to $1,750 per tonne, but nickel dropped $150 to $18,350 per tonne and tin also traded lower.

Precious metals prices were lower on demand concerns for both gold and platinum.

December gold was down $29.50 to $762.50 per troy ounce in New York as the US dollar strengthened, raising worries that demand for it as a safe way to protect money from inflation will decline.

December silver dropped 78 cents to $10.94 per troy ounce while October platinum fell $70.10 to $1,192 per troy ounce.