Copper falls 3.89% to lowest value in eight months

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LONDON.- Copper closed on Tuesday with a steep drop of 3.89% at the London Metal Exchange (LME), after trading for $3.00074 US dollars per pound of 'grade A', compared to $3.12208 US dollars on Monday and $3.09600 US dollars last Friday.

Today’s value is the lowest for red metal since it traded for $2.95742 US dollars on March 16, 2007.

As a result, the monthly average fell to $3.23758 US dollars, and the yearly average to $3.25929 US dollars.

Concerning the future 3-month price, it ended at $3.02319 US dollars per pound, down 3.95% from Monday ($3.14748 US dollars).

At the LME, stocks increased by 350 metric tons, to 181,275.  So far this year, an accumulated drop of 1,525 (-0.83%) metric tons has been observed.