Copper Price Jumps as 8.3-magnitude Earthquake Rocks Chile

The copper price jumped on Thursday as investors worried about supply disruptions following reports of an 8.3-magnitude earthquake off the coast of Chile. According to Reuters, LME copper hit a near eight-month high on the news. It was up 1.1 percent, to $5,440.50 a tonne.
Copper futures were up as well, rising 0.9 percent, to $2.47 per pound, on the news, the Financial Times reported.
State-owned miner Codelco released a statement (in Spanish) noting that workers were evacuated from its Ventanas division, and that operations there were halted due to the earthquake. Codelco added that workers and facilities were not affected at its other operations in Chile.
The quake has triggered a tsunami warning for Chile, Peru and French Polynesia, according to another Reuters article. The news outlet states that there have been reports of flooding streets near the coast due to waves triggered by the quake.
As The Guardian notes, a magnitude-8.8 quake and the resulting tsunami killed more than 500 people in Chile in 2010.
Chile has already been hit twice with heavy rains and flooding this year, with thousands of people affected. Codelco temporarily halted its operations due to the storms, and the miner has seen issues due to strikes at its Ministro Hales and Salvador mines this year.
The spot copper price has gained roughly 9 percent since August 26, but is still down about 17 percent year-to-date.