Copper plummets more than 4%, falling to US $1.90

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SANTIAGO.- Copper suffered a steep drop today at the London Metal Exchange, falling to below US $2 as the dollar continues to strengthen and the Chinese economy decelerates.

The red metal dropped 4.54% to close at US$ 1.94410 per pound in London. As a result, the monthly average fell to US$ 2.40564, while the yearly average slipped to $ 3.51952.

Today's price is the lowest for the red metal since the 23rd of  November of 2005, when it traded for US$ 1.92550.

Meanwhile, the future-3.month price ended at US$ 1.94364 per pound, down -4.99% from Tuesday (US$ 2.04570).

At the LME, stocks rose by 1,850 metric tons to 207,750. So far this year, there has been an accumulated increase of 10,300 MT (+5.22%).