Copper closes with new loss caused by slump in China

The metal ended the day with a plummet of 3.91%.

12 de Marzo de 2009 | 12:39 | ValorFuturo

LONDON.- Copper closed with another loss today, this time of 3.91%, at the London Metal Exchange (LME) after trading for US$ 1.58485 per pound of "grade A" material, compared to US$ 1.64926 on Wednesday and US$ 1.66355 on Tuesday.

As a result, the monthly average dropped to US$ 1.61544, although the yearly average rose to US$ 1.50576.

According to the National Office of Statistics, China's yearly growth in industrial production fell to a historic low of 3.8% in January and February, from 5.7% in December. Economists had been projecting an increase of 6.4%.

China is the world's largest industrial and consumer metals producer.

"They are really bad; definitely lower than expected", Numis Securities Analyst Richard Knights said of the figures.

Meanwhile, the future 3-month price quote ended at US$ 1.59914 per pound, down 3.83% from Wednesday (US$ 1.66287).

At the LME, stocks increased by 2,450 metric tons to 504,325. So far this year, there has been an accumulated increase of 164,550 MT (+48.43%).

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