Two days after an 8.8 magnitude earthquake struck the south-central coast of Chile and killed at least 708 people, copper futures for May jumped 6.2 percent early March 1 to a high of $3.487 a pound. Chile's major copper mines, most of which are located in the north of the country far from the epicenter of the quake, were spared damage, but they experienced a temporary suspension of operations due to power cuts. With the key copper mines of Antofagasta and Mejillones operating and copper stockpiles sufficient, Chilean officials maintain the country will be able to meet its metal export commitments. Denis Yanez, the head of a national confederation of port workers, said on March 1 that the port of San Antonio, Chile's main copper-exporting hub, was scheduled to resume operations that day at 1500 GMT, according to a Reuters report. Yanaez added that the port of Valparaiso had begun receiving shipments Feb. 28 and would increase shipments March 1. Of greater concern to Santiago is the status of state oil company ENAP's Aconcagua refinery, which produces 100,000 barrels per day (bpd), and the Bio Bio refinery, which produces 116,000 bpd. Both of these refineries have been paralyzed by the earthquake and together supply roughly 80 percent of Chile's fuel needs. ENAP is already under heavy financial strain, having declared a $958 million net loss in 2008, due to major fluctuations in the energy market from the global financial crisis, a drought in northern Chile that forced ENAP to shut down some of its hydroelectric plants, and the Chilean government's decision to subsidize fuel products. ENAP CEO Rodrigo Azocar said following the earthquake that the company had enough gasoline stockpiled to last for two days and enough diesel to last for 10 days. No estimates were given on the repair time for the refineries. Chilean President Michelle Bachelet has announced the deployment of 10,000 soldiers to hard-hit areas to aid recovery efforts and restore order. There were reports of looting Feb. 28 in Concepcion, which is Chile's second-largest city and was near the epicenter of the earthquake. Police used tear gas and water cannons to disperse looters and a curfew was declared in Concepcion and Maule region. Bachelet, whose approval ratings were at around 80 percent prior to the earthquake due to her response to Chile's economic crisis, will be handing the presidency March 11 to Sebastian Pinera, the first conservative president since the end of military rule in Chile in 1991. While Bachelet is working to maintain her popularity in the last days of the presidency, Pinera is also asserting himself, declaring that the earthquake would require his government to rethink its agenda in the first stage of his presidency.