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Chile earthquake triggers copper gains in Asia

Chile earthquake triggers copper gains in Asia
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First Published: Wed, Feb 21 2007. 11 07 AM IST
Updated: Wed, Feb 21 2007. 11 07 AM IST
Bloomberg
JAKARTA: Copper rose in Asia after a 5.5 magnitude earthquake struck the largest mining province in Chile, the world’s biggest producer of the metal.
The quake hit 65km north-northwest of the port city of Antofagasta 19 February, the US Geological Survey said.
Mining companies in the province of Antofagasta did not immediately report any damage, Fernando Diaz, a spokesman at Chile’s Emergency Office, said by telephone from Santiago.
Copper on the London Metal Exchange rose $40, or 0.7 %, to $5,845 a metric tonne. Prices have gained 19% in the past year.
Chinese imports of copper and related products jumped 44% in January from a year earlier, customs data showed, helping copper futures in London gain 4.12% last week to the highest weekly close in three weeks.
Hedge-fund managers and other large speculators decreased their bets in the week ended 13 February that copper futures would fall in New York , according to US Commodity Futures Trading Commission data.
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First Published: Wed, Feb 21 2007. 11 07 AM IST
More Topics: International News | Asia |