Copper Prices Slip as Chile's Storm-Hit Output Slumps to 2011 Low

Copper prices slipped in New York on Tuesday as a global bond selloff and a stronger dollar weighed on the metal, which had risen to within touching distance of record highs.

The Comex copper for December delivery fell 1.3% to $6.6020 a pound (about $14,555 a tonne) by late morning in New York, after trading as high as $6.7420 earlier in the session.

In London, three-month copper came within $2.50 of its own record last week, touching $14,525 a tonne against the all-time intraday peak of $14,527.50 set on January 29.

The sharp decline in Chile's copper production was also a major factor contributing to the drop in prices. The country produced 403,424 tonnes of copper in July, down 9.4% from a year earlier and 9.8% below June, the weakest July for the world's biggest producer since 2011.

Chile's national statistics agency blamed weather conditions in the north of the country that hindered normal production, as well as maintenance at major sites.