Copper registers significant drop and reaches its lowest value in 3.5 years

LONDON.- Copper closed with a 3.04% drop today at the London Metal Exchange (LME) after trading for US$ 1.55265 per pound of "grade A" material, compared to US$ 1.60141 on Tuesday and US$ 1.63089 on Monday of this week.

As a result, the monthly average fell to US$ 1.59498, while the yearly average slipped to US$ 3.28993.

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

Meanwhile, the future-3-month price quote ended at US$ 1.56762 per pound, down 2.89% from Tuesday (US$ 1.61434).

At the LME, stocks decreased by 250 metric tons to 292,775. So far this year, copper has registered an accumulated increase of 95,325 MT (+48.28%).