Copper prices were seen climbing on Wednesday, rising towards a three-week high as worries over supplies could have dropped following Tuesday’s earthquake in Chile, the world’s largest producer of metal. However, some mining companies said their sites suffered no damage.
The three-month copper contract edged 0.5% higher to $6,694 a metric ton on the Metal Exchange at the time of writing. Copper settlement for May climbed 0.7% higher to $3.055 a pound on the Comex in New York at the time of writing.
Copper – Chile Earthquake
On Tuesday, Chile, the world largest producer of copper which provides a third of the world supply of the metal; was struck by an earthquake of magnitude 8.2 off the coast from the city of Iquique and near the Peruvian boarder, according to the US Geological Survey.
The mining port of Iquique is part of Chile’s key-exporting port. Some of the key mining firms in the country confirmed that there was so damage to their sites.
“So far, however, there have been no reports of any damage, and some mining companies have already sounded the all-clear,” analysts at Commerzbank Corporates & Markets reported.
The state-owned mining firm, Codelco said there was no harm to its workers or mine, while BHP Billiton said it evacuated the Coloso port following the government tsunami warning.
Producers from Teck Resources and Pan Pacific Copper Co. also confirmed that there were no harm or damage by the earthquake but were also forced to evacuate the coastal areas.
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