LME copper falls 9% in Nov., Dec. outlook remains grim

Dec 03, 2008 | 11:51 AM | Anne Riley

London Metal Exchange copper prices fell for the fifth consecutive month in November, with three-month copper tumbling almost 9 percent and stockpiles climbing to their highest levels since February 2004.

But even though the red metal closed at $3,620/$3,625 a tonne 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," said Barclays Capital analyst Gayle Berry. "Clearly, there is still a downtrend in place for prices, but our view is that the big decline in prices has already happened."....

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