OAO GMK Norilsk Nickel rose for a third day as copper jumped to its highest price in seven weeks after a magnitude-8.8 earthquake disrupted supplies from Chile, the world’s largest producer.
Russia’s largest mining company increased 2.9 percent to 4,725.57 rubles at close in Moscow, its highest since Feb. 3. The quake forced Codelco, the world’s largest copper producer, and Anglo American Plc to halt mine operations after power cuts. Chile exports 36 percent of the world’s copper ores and concentrate. Copper accounted for 25 percent of Norilsk’s 2008 revenue, according to the company’s Web site. Nickel prices also advanced today.
“The copper price spike, we believe, is due to fears of medium-term lost supply,” Barry Ehrlich, senior metals and mining analyst at Alfa Bank in Moscow, wrote in an e-mailed report today.
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