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The Journal Gazette

Friday, March 28, 2014 11:29 am

Copper rises on reports of falling production

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.