Copper shows no signs of stabilizing, continues plummet amidst recessionary fears

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LONDON.- Copper closed today with a new loss, this time of 4.80% at the London Metal Exchange (LME) after trading for US$ 2.21353 per pound of "grade A" material, compared to US$ 2.32512 on Wednesday and US$ 2.51971 on Tuesday of this week.

Today's value is the lowest for the metal since March 10th of 2006 (US $2.19834).

As a result of the loss, the monthly average dropped to US$ 2.51381, while the yearly average slipped to US$ 3.54801.

Copper has been under pressure due to demand woes amidst growing fears of a global economic slow-down.

Meanwhile, the future-3-month price ended at US$ 2.18586 per pound, down 4.76% from Wednesday (US$ 2.29518).

At the LME, stocks rose by 400 metric tons to 212,025. So far this year, there has been an accumulated increase of 14,575 MT (7.38%).