Copper hits new annual high after closing with significant gain

The red metal, which is Chile's main export, ended the day with an increase of 4.83% in London.

26 de Marzo de 2009 | 15:08 | ValorFuturo / REUTERS

LONDON.- Copper closed with a gain of 4.83% today at the London Metal Exchange (LME) after trading for US$ 1.84975 per pound of "grade A" compared to US$ 1.76447 on Wednesday and US$ 1.77400 on Tuesday.

The value is the highest for the red metal since November 4th of 2008, when it traded for US$ 1.91915.

As a result, the monthly average climbed to US$ 1.68644, while the yearly average rose to US$ 1.54653.

"Yesterday's positive results helped to alleviate some of the economic fears (…) which in turn helps metal prices", said Standard Bank analyst Leon Westgate. "Long term goods and house sales were very positive", he added.

Meanwhile, the future 3-month price quote ended at US$ 1.86653 per pound, up 4.79% from Wednesday (US$ 1.78126).

At the LME, stocks increased by 225 metric tons, to 503,900. So far this year, there has been an accumulated increase of 164,125 MT (+48.30%).

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