Copper sinks again on economic woes

The red metal fell 3.77% to US$ 1.55 per pound at the London Metal Exchange.

LONDON.- Copper closed with a 3.77% loss today at the London Metal Exchange (LME) after trading for US$ 1.55605 per pound of "grade A" material, compared to US$ 1.61706 on Wednesday and US$ 1.59256 on Tuesday of this week.


As a result, the monthly average dropped to US$ 1.70423 while the yearly average slipped to US$ 3.35585.


Today's value is the lowest for the metal since June 2nd of 2005, when it traded for US$ 1.50003.


The fall comes amidst deepening concerns about the demand for industrial metals.


"It continues to be a story of recession: the economic figures are terrible, the stock markets are weak, inventory is increasing and demand is so poor that people are ignoring the positive influence of the number of (production) cuts", stated Stephen Briggs- an raw materials analyst for RBS Global Banking and Markets.


Meanwhile, the future-3-month price ended at US$ 1.63792 per pound, up 0.57% from Tuesday (US$ 1.62862).


At the LME, stocks increased by 1,475 metric tons to 280,050. So far this year, there has been an accumulated increase of 82,600 MT (+41.83%).

Agencias
Thursday, November 20, 2008
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