Copper suffers new plunge, falling to its lowest value since 2005

The red metal dropped 3.80% to US$ 1.32 per pound.

17 de Noviembre de 2008 | 14:35 | ValorFuturo

LONDON.- Copper closed with a 3.80% loss today at the London Metal Exchange (LME) after trading for US$ 1.62409 per pound of "grade A" material, compared to US$ 1.68827 on Friday and US$ 1.62885 on Thursday.

As a result, the monthly average dropped to US$ 1.73577 while the yearly average slipped to US$ 3.37952.

Today's value is the lowest for the red metal since July 15th of 2005, when it traded for US$ 1.61706.

Meanwhile, the future-3-month price ended at US$ 1.66922 per pound, down -2.77% from Friday (US$ 1.71685).

At the LME, stocks increased by 1,800 metric tons to 275,000. So far this year, there has been an accumulated increase of 78,450 MT (+39.73%).

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