Copper closes with significant gain following market rebound

The metal is up 5% at the London Metal Exchange.

13 de Marzo de 2009 | 14:45 | ValorFuturo / REUTERS

LONDON.- Copper closed with a significant gain of 5.07% today at the London Metal Exchange (LME) after trading for US$ 1.66514 per pound of "grade A" material, compared to US$ 1.58485 on Thursday and US$ 1.64926 on Wednesday of this week.

As a result, the monthly average climbed to US$ 1.62041, while the yearly average rose to US$ 1.50889.

The hike in the red metal was marked by an increase in U.S. and European stock markets, as well as a decrease in London and Shanghai inventory. "The stock market is the main catalyst", stated Citi analyst David Thurtell.

Meanwhile, the future 3-month price quote ended at US$ 1.67466 per pound, up 4.72% from Thursday (US$ 1.59914).

At the LME, stocks decreased by 6,700 metric tons to 497,625. So far this year, there has been an accumulated increase of 157,850 MT (+46.46%).

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