The quake forced Codelco, Anglo American Plc and Antofagasta Plc to halt mine operations after power cuts. Codelco, the biggest copper producer, said it will meet supply contracts with shipments from undamaged plants in northern Chile, where it has bigger mines.
Copper “is obviously being affected by the situation in Chile,” said Donald Selkin, the chief market strategist at National Securities Corp. in New York. “It’s a question of how much damage was done to the mines and when they can get shipments out. We’re seeing these reports that there were some loading terminals damaged.”
Copper for May delivery climbed 6.9 cents, or 2.1 percent, to $3.353 a pound at 10:56 a.m. on the New York Mercantile Exchange’s Comex unit. The most-active contract earlier reached $3.487, the highest price since Jan. 11. The commodity surged as much as 6.2 percent before retreating.
Copper for three-month delivery rose 2.4 percent to $7,365 a metric ton ($3.34 a pound) at 3:45 p.m. on the London Metal Exchange.
Chile is home to copper mines including Escondida, the world’s biggest, and accounts for 36 percent of global exports of copper ores and concentrate.
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