Copper jumps 6.5% fuelled by Chinese plan to reactivate economy

The red metal traded for US$ 1.81664 per pound today.

10 de Noviembre de 2008 | 12:57 | ValorFuturo / REUTERS

LONDON.- Copper closed with a 6.49% gain today at the London Metal Exchange after China announced an economic reactivation plan to boost the country's growth and demand.

The red metal traded for US$ 1.81664 per pound, compared to US$ 1.70596 on Friday and US$ 1.76447 on Thursday of last week.

China, which is the largest copper consumer in the world, announced the approval of US$ 586 billion dollars in government spending until 2010.

"Overall, this is good news for metal consumption, but it will take time", stated analyst Gayle Berry of Barclay's Capital.

Following today's closing price, the monthly average for copper rose to US$ 1.80817, although the yearly average slipped to US$ 3.41903.

Meanwhile, the future-3-month price ended at US$ 1.82616 per pound, up 5.53% from Friday (US$ 1.73046).

At the LME, stocks rose by 6,050 metric tons to 260,850. So far this year, there has been an accumulated increase of 63,400 MT (+32.11%).

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