Copper breaks upward trend and drops 1.87%

LONDON.- Copper closed today with a loss of 1.87%, ending at US$ 1.56988 per pound of ‘grade A’ material at the London Metal Exchange (LME), compared to US$ 1.59982 on Monday and US$ 1.51976 on Friday.

Despite the decrease, the monthly average went up to US$ 1.51924 and the yearly average was calculated at US$ 1.47547.

Meanwhile, the future 3-month price quote ended at US$ 1.58757 per pound, down 1.73% from Monday (US$ 1.61547).

At the LME, stocks increased by 6,650 metric tons to 514,425. So far this year, there has been a cumulative increase of 174,650 MT (+51.40%).