Copper closes out November with lowest monthly average in more than 3 years

The red metal ended the day in London with a 2.29% loss, bringing the price to US$ 1.62 per pound.

28 de Noviembre de 2008 | 12:51 | ValorFuturo

LONDON.- Copper suffered another loss today, this time of 2.29%, at the London Metal Exchange (LME) after trading for US$ 1.62431 per pound of "grade A" material, compared to US$ 1.66242 on Thursday and SU$ 1.69734 on Wednesday of this week.

As a result, the monthly average fell to US$ 1.68600, while the yearly average slipped to US$ 3.31176.

The metal, which is Chile's number one export- ended with a monthly average lower than that of July 2005, when figure was reported at US$ 1.63 per pound.

Meanwhile, the future-3-month price ended at US$ 1.64427 per pound, down 1.89% from Thursday (US$ 1.67602).

At the LME, stocks increased by 2,925 metric tons to 291, 650. So far this year, there has been an accumulated increase of 94,200 MT (+47.71).

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