US copper futures sank to a two-week low in heavy volume Tuesday morning amid fears a sharp contraction in the Japanese economy and record low manufacturing output in New York will further reduce demand for the red metal. Copper for March delivery plunged 10.35 cents, or 6.7 percent, to $1.4350 a lb by 10:27 am EST (1527 GMT) on the New York Mercantile Exchange's COMEX division.
Morning range from $1.5420 to $1.4315, its lowest level since February 2. COMEX estimated futures volume at a healthy 20,843 lots by 9 am COMEX copper under pressure from renewed global demand concerns after data showed Japan's economy shrunk by 3.3 percent in the fourth quarter of 2008, or an annual rate of 12.7 percent.
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