If it’s pouring, then all rides will close. If it’s sprinkiling or light rain, then some rides will close but others will operate. I’m not sure, but I think it has to do with whether or not the ride has magnetic brakes. If they use a braking system that actually makes contact with the train (like Magnum) then it can’t operate in the rain because the train has potential to slip through the brake run.
1999: First visit
Halloweekends- Harvest Fear, Tombstone Terror-Tory
Ride Operations- Professor Delbert’s Frontier Fling
Below is the official list for inclement weather. This list is fairly out of date, but I'd probably rank Valravn and Steel Vengeance under "Steady Rain." Basically, the older the ride/coaster, the more likely it is to run in rainy conditions. I will note that in my experience CP is much more conservative with running rides in the rain compared to KI, so I'd be prepared for some rides to be closed beyond the weather condition boundaries stated below. Similarly, since transferring trains takes time, coasters are more likely to just close for passing showers rather than removing a train. Conversely, if the rain will be around for a while (say, longer than an hour or two), they will try to keep coasters open/remove trains rather than just shut down.

The worst I've experienced was at SF Great America. There were intermittent showers all day, and every time it rained for more than a minute, all the coasters would close for half an hour. I'm not exaggerating -- I checked my watch. Typically we could get one ride in between showers, then the sun would come out during the 30-minute downtime, as if to mock us. I don't know if that's the policy chain-wide or just at GrAm. This is the same park that, on my first visit, closed 2 hours early on a rainy day, just as the storm finally passed. (Yes, I have a terrible record with that park and rainy days, but I did finally have a good, dry visit courtesy of a free ACE ticket eventually!)
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