Copper plummets again in London amidst renewed fears over demand for metals in China

Chile's main export reported a 0.88% fall, closing at US$ 1.79 per pound.

03 de Noviembre de 2008 | 12:08 | Agencias

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LONDON.- Copper closed with another loss today, this time of 0.88%, at the London Metal Exchange (LME) after trading for US$ 1.79623 per pound of "grade A" material compared to US$ 1.81210 on Friday and US$ $ 2.03981 on Thursday of last week.

As a result of the loss, the monthly average was reported at US$ 1.79623 while the yearly average was US$ 3.45662.

The loss took place after a strong surge in inventory sparked pessimism regarding Chinese demand.

"These have been three days of important figures", stated John Meyer, an analyst for Fairfax Investment Bank. "This comes in addition to the negative news that has been coming out of China", he added.

A measurement taken of the manufacturing activity in Chile showed that industrial production sharply plunged during the month of October following orders to halt activity while officials established further measures to increase domestic demand in an effort to keep the economy from slowing down too much.

Meanwhile, the future-3-month price ended at US$ 1.79849 per pound, down -0.63% from Friday (US$ 1.80983).

At the LME, stocks increased by 7,275 metric tons to 237,925.  So far this year, there has been an accumulated increase of 40,475 MT (+20.50%) of copper. 

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