Copper Prices Jump after Earthquake in Chile

Written By Luke Burgess

Posted March 1, 2010


Copper prices jumped and mining shares surged today as the market absorbed the weekend’s 8.8 magnitude earthquake in Chile, the world’s largest producer.

Forward month copper prices spiked nearly 6% — the biggest gain since April on speculation the quake would disrupt shipments.

The earthquake and its aftershocks disrupted over a third of world copper production. In 2009, Chile mined 5.4 million metric tons of the metal last year, or about 34% of global output. Copper prices have more than doubled in the past 12 months as the world economy recovered from its worst postwar recession.

Luke Burgess
Editor, Wealth Daily

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