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May 23, 2017

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Chile quake pushes copper price to a three-week high

LONDON---The vast earthquake in Chile sent copper prices jumping to a three-week peak on Wednesday, as traders worried about possible problems for supplies from the top global producer.

Analysts noted however that no damage to copper facilities had been reported.

At about 0100 GMT, copper climbed to US$6,728.75 per tonne, striking the highest point since March 10.

In later deals on the London Metal Exchange, the industrial metal pulled back to stand at US$6,697.75.

Chile is the biggest copper producer in the world and accounts for almost one-third of global supplies.

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