RTRS: Copper falls to US $2, its lowest value is almost three years
The metal closed with a 7.91% loss.
LONDON.- Copper closed with a significant loss of 7.91% today at the London Metal Exchange (LME) after trading for US$ 2.03663 per pound of "grade A" material, compared to US$ 2.21149 on Monday and US$ 2.13234 on Friday.
As a result of the loss, the monthly average fell to US$ 2.43641 while the yearly average slipped to US$ 3.52721.
Today's value is the lowest for the red metal since December 15 of 2005, when it traded for US$ 2.03255.
Concerns with regards to the decrease in the Chinese demand for industrial metals and the increase in the strength of the U.S. dollar have prompted a sharp decline in the prices of raw materials.
Meanwhile, the future-3-month price ended at US$ 2.04570 per pound, down 6.55% from Monday (US$ 2.18904).
At the LME, stocks decreased by 6,500 metric tons to 205,900. So far this year, copper has registered an accumulated increase of 8,450 MT (+4.28%).
