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Copper Gains for First Time in Three Sessions as Rains Hamper Chile Output

Copper rose for the first time in three sessions after reports that heavy rains hampered production in Peru and Chile, the world’s largest supplier.

Anglo American Plc said yesterday it will struggle to meet its 2011 production target at its Collahuasi copper mine in Chile after floods reduced output. Xstrata Plc said production was disrupted at its Tintaya mine in Peru. Teck Resources Ltd.’s Quebrada Blanca mine was also affected. Copper reached a record $4.6575 a pound on Feb. 15.

“Supplies continue to tighten,” Rob Kurzatkowski, a senior commodities analyst at OptionsXpress Holdings Inc., said today in an e-mail. “Copper miners have had their hands full keeping pace with demand.”

Copper futures for May delivery rose 1.55 cent, or 0.4 percent, to $4.2705 at 12:22 p.m. on the Comex in New York. Earlier, the price lost as much as 1 percent on concern that demand will slow in China, the largest metals user.

http://www.bloomberg.com/news/2011-04-05/copper-declines-in-new-york-london-trading-after-china-increases-rates.html