Copper prices rise after Chile earthquake

The massive earthquake that shook Chile is sending copper prices up.

News that a 8.2-magnitude earthquake struck off the northern coast of Chile, the world's largest copper producer, pushed copper prices up early Wednesday. Prices drifted lower as reports trickled out that the country's mining operations escaped major damage.

Copper for May delivery settled at $3.05 a pound, up by a penny. The most actively traded contract reached as high as $3.07 in early trading.

Other metals traded higher Wednesday. Gold for delivery in June rose $10.80 to $1,290.80 an ounce.

Silver for May delivery rose 36 cents to $20.05 an ounce.

Platinum for July gained $9.10 to $1,438.70 an ounce, and palladium for June gained $5.85 to $787.80 an ounce.

Prices for corn, soybeans and wheat sank.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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