Copper prices rise following drop in inventory

The metal closed the trading day with an increase of 0.52%.

16 de Marzo de 2009 | 12:59 | ValorFuturo / REUTERS

LONDON.- Copper closed with a gain of 0.52% today at the London Metal Exchange (LME), after trading for US$ 1.67376 per pound of "grade A",  compared to US$ 1.66514 on Friday and US$ 1.58485 on Thursday.

As a result, the monthly average climbed to US$ 1.62526, while the yearly average rose to US$ 1.51206.

The increase in the metal's value was boosted by yet another reduction in inventory, which helped raise demand prospects.

"It looks like the Chinese are consuming copper (…) that is where there seems to be some demand that is absorbing inventory", stated Marc Elliot, an analyst for Fairfax.

"(But) I am still a bit weary about whether this is real and long-term", he added.

Meanwhile, the future 3-month price quote ended at US$ 1.70324 per pound, up 1.71% from Friday (US$ 1.67466).

At the LME, stocks decreased by 2, 775 metric tons to 494,850. So far this year, there has been an accumulated increase of 155,075 MT (+45.64%).

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