Copper plummets, dropping once again to four year low

LONDON.- Copper closed with a 3.82% loss today at the London Metal Exchange (LME) after trading for US$ 1.30884 per pound of "grade A" material, compared to US$ 1.36078 on Wednesday and US$ 1.37008 on Tuesday of this week.

As a result of the drop, the monthly average fell to US$ 1.44494, while the yearly average slipped to US$ 3.20595.

Today's value is the lowest for the red metal since October 28th of 2004, when it was priced at US$ 1.28593.

Meanwhile, the future-3-month price quote ended at US$ 1.32472 per pound, down -3.98% from Wednesday (US$ 1.37960).

At the LME, stocks increased by 2,275 metric tons to 324,175. So far this year, there has been an accumulated increase of 126,725 MT (+64.18%).