US copper futures lost more than 7 percent of their value early Wednesday as fears of a global recession spurred further liquidation in the industrial metal, traders said. Copper for December delivery was trading down 15.80 cents, or 6.6 percent, at $2.2365 a lb by 10:33 am EDT (1433 GMT) on the New York Mercantile Exchange's COMEX division.
The morning range was from $2.2125 to $2.4015. Last week, the benchmark December contract dropped to a 30-month low at $2.05. Spot October was off 16.55 cents at $2.2440 a lb. COMEX estimated futures volume at 6,220 lots by 10 am.