Powerful earthquake shakes Chilean capital, copper prices firm

The epicentre of the earthquake, which measured 8.3 on the Richter scale according to the US Geological Survey, was located in the Pacific, approximately 141 miles northwest of Santiago.

In the financial markets, the fact that Chile is the largest producer of the world's copper has underpinned prices for the metal on supply concerns.

Prices climbed as much as 1.1% to $5,440.50 per metric ton on the LME, the highest level since July, before retreating as miners including Antofagasta, Anglo American and BHP Billiton said their workers were safe and mines were undamaged.

According to local reports from Chile the quake left five people dead in its wake.

Nonetheless, according to New Zealand Civil Defence the ocean level on the country's eastern coast is only expected to rise by between 0.2 and 1.0 metres.

First activity was expected to reach the country's Chatham Islands at 23:00 local time (GMT+11:45).

On the othe side of the Pacific, in the Chilean coastal town of Coquimbo - 29 miles east of the epicentre - the shoreline was rocked by waves of up to 4.5 metres in height.

A tsunami alert was issued for the Andean country's entire Pacific coast but was subsequently lifted.

An 8.8-magnitude quake in 2010 claimed over 500 victims.