LME copper falls 9% in Nov.; Dec. outlook remains ‘grim’
Dec 01, 2008 | 12:57 PM
| Anne Riley
November marked the fifth consecutive month of falling copper prices on the London Metal Exchange, with copper basis three months tumbling almost 9 percent and stockpiles climbing to their highest levels since February 2004.
But even while the red metal closed at $3,620/$3,625 a tonne on Friday, the last trading day in November, or almost 59 percent below July's $8,811/$8,812-a-tonne high, market participants said the month could have been much worse.
"Prices did continue to fall through November but at nowhere near the scale or the speed as they did in October. Clearly, there is still a downtrend in place for prices, but our view is that the big decline in prices has already happened," said Barclays analyst Gayle Berry.....
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