Copper continues to slump at London Metal Exchange

LONDON.- Copper closed today with a new price drop of 2.43% at the London Metal Exchange (LME), after trading for US$ 1.53178 per pound of 'grade A' material, compared to US$ 1.56988 on Tuesday and US$ 1.59982 on Monday of this week.

Nevertheless, the monthly average went up to US$ 1.52081 and the yearly average rose to US$ 1.47741.

Meanwhile, the future 3-month price quote ended at US$ 1.54947 per pound, down 2.40% from Tuesday (US$ 1.58757).

At the LME, stocks increased by 2,025 metric tons to 516,450. So far this year, there has been an accumulated increase of 176,675 MT (+52.00%).