Copper drops 7.72% to US$ 2.32

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LONDON.- Copper closed with a steep plunge of 7.72% today at the London Metal Exchange (LME), deflated by the somber scenario of the global economy and the demand for industrial raw materials.

The red metal closed at US$ 2.32512 per pound of "grade A", compared to US$ 2.51971 on Tuesday and US$ 2.28202 on Monday of this week.

As a result, the monthly average fell to US$ 2.54111 while the yearly average slipped to US$ 3.55465.

Expectations of a lowered global demand for metals were corroborated after Codelco announced that the premium for refined copper would be lower in 2009, predicting some US$ 80 dollars per ton, compared to the US$ 115 dollars per ton this year.

"Tat is probably the primary news story putting negative pressure on the price of copper today",stated analyst John Meyer of Fairfax investment bank.

Meanwhile, the future-3-month price ended at US$ 2.29518 per pound, down 8.33% from Tuesday (US$ 2.50383).

At the LME, stocks decreased by 175 metric tons to 211,625. So far this year, the stock has accumulated a total increase of 14,175 metric tons (+7.18%).