Copper skyrockets more than 10% in London following financial market rebound

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LONDON.- Copper closed with a monumental gain today at the London Metal Exchange after a global effort to save banks spurred a significant financial market rebound and soothed growth-related fears.

The surge in basic metals occurred after plans were announced by the United States to inject US$ 250 billion dollars into banks, followed by a similar initiative in Europe, spiking numbers on the trading floors.

Copper rose 10.42% after trading for US$ 2.51971 per pound of "grade A", compared to US$ 2.28202 on Monday and US$ 2.26796 on Friday.

Despite the gain, the monthly average dropped to US$2.56271 while the yearly average slipped to US$ 3.56079.

Meanwhile, the future-3-month price ended at US$ 2.50383 per pound, up 12.19% from Monday (US$ 2.23168).

At the LME, stocks increased by 2,475 metric tons to 211,800. The total accumulated increase so far this year is 14,350 metric tons (+7.27%).