Copper prices climb after Chile quake

Copper prices were higher Monday in the wake of a magnitude-8.8 earthquake which shook parts of Chile over the weekend, but prices fell back slightly once it became clear that there was little or no serious damage to Chilean copper mine from the quake, although interruptions to power supplies could hurt production, a quarter of which was closed in the immediate wake of the temblor.

Three-month copper was up as much as 6.2 percent on the London Metal exchange before falling back as at least some production came back online in the South American nation, which is the world’s largest copper producer and furnishes one-third of copper globally.

Most of the large mines in Chile are located hundreds of miles from the epicenter of the quake.

May copper added 7 cents to $3.35 per pound in New York trade.

Precious metals prices were mixed as April gold was up 60 cents to $1,118..30 per troy ounce and April platinum gained $3.70 to $1,543.60 per troy ounce but May silver dropped 5 cents on the session to $16.47 per troy ounce.