Copper dives almost 7% to close at US$ 1.60 per pound

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LONDON.- Copper closed with another drop, the fourth consecutive decrease and the sixteenth fall in 21 sessions, today at the London Metal Exchange (LME) after trading for US$ 1.68782 per pound after an increase in liquidity pressure amidst growing fears of a global recession.

The figure can be compared to US$ 1.80802 on Thursday and US$ 1.94410 on Wednesday of this week.

As a result of the loss, the monthly average fell to US$ 2.33256 while the yearly average slipped to US$ 3.50249.

Today's value is the lowest for the red metal since September 19th of 2005 when it traded for US$ 1.66695.

Meanwhile, the future-3-month price ended at US$ 1.68963 per pound, down -6.05% from Thursday (US$ 1.79849).

At the LME, stocks rose by 2,275 metric tons to 211,975. So far this year, copper has registered an accumulated increase of 14,525 MT (+7.36%).