The most briskly traded February copper contract on the Shanghai Futures Exchange slipped 1.6 percent to close at 54,560 yuan a tonne on Wednesday. Copper slid as a concrete solution to Europe's debt struggle remained elusive with a European Central Bank official saying the crisis has significantly worsened, further clouding the outlook for industrial metal demand.
Eurozone ministers agreed to boost the firepower of their rescue fund, but couldn't say by how much, and may turn to the International Monetary Fund for more help as a huge leap in Italy's borrowing costs pushed the region closer to financial disaster.
"The situation in Europe and the world has significantly worsened over the past few weeks," ECB governing council member Christian Noyer said at a conference in Singapore. "Market stress has intensified." "We are now looking at a true financial crisis - that is a broad-based disruption in financial markets."
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