Copper prices rise after reports of falling production; copper up 3 percent for the week
NEW YORK (AP) — Copper prices are climbing after the world's largest producer of the industrial metal reported a drop in output.
The Chilean mining company Codelco, the world's top copper producer, said Friday that copper production had fallen to a five-year low. The announcement follows news that a strike disrupted operations at a mine run by Anglo American in Chile. Both reports have helped push copper prices up this week.
The copper contract for May rose 5 cents to settle at $3.04 a pound Friday. It finished the week with a 3 percent gain.
Other metals were mixed. Gold for April delivery fell 90 cents to $1,293.80 and May silver inched up 8 cents to $19.79 an ounce.
July platinum rose $8.80 to $1,407.20 an ounce and June palladium rose $13.20 to $773.70.