Copper jumps to US$ 1.5 with 5% gain at London Exchange

LONDON.- Copper closed with a significant gain of 5.01% today at the London Metal Exchange (LME) after trading for US$ 1.51976 per pound, compared to
US$ 1.44719 on Tuesday and US$ 1.45399 on Monday of this week.

As a result, the monthly average climbed to US$ 1.49841, while the yearly average rose to US$ 1.47820.

The red metal increased to the rhythm of world stock markets, which surged after comments made by the head of the United Status Federal Reserve, Ben Bernank, who assured that President Barack Obama's administration has no plans to nationalize major banks.

Meanwhile, the future 3-month price quote ended at US$ 1.53768 per pound, up 5.41% from Tuesday (US$ 1.45875).

At the LME, stocks increased by 1,800 metric tons to 548,400.  So far this year, there has been an accumulated increase of 208,625 MT (+61.40%).