Chile earthquake boosts copper prices
by Elaine Frei
Copper prices were up Friday on concerns that a magnitude 4.9 earthquake that hit Chile early this morning.
Chile is the world’s biggest producer of copper, and investors worried that damage from the temblor could hurt supplies.
Gains for the metal used in construction also came after investors took advantage of recent low prices to make purchases.
March copper added 8 cents to $1.47 per pound in New York while three-month copper added $150 to $3,240 per tonne on the London Metal Exchange.
Precious metals prices were up as investors looked for safe places to put their cash as most global equities markets saw more declines during the day.
February gold added $37.50 to $896.30 per troy ounce in New York after heading over the $903 per troy ounce level for a short time in earlier trade.
At the same time, March silver was up 60 cents to $11.96 per troy ounce while April platinum gained $23.10 to $963.50 per troy ounce.
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