London copper futures fell to their lowest level in two weeks and Shanghai prices slid by their 6 percent limit on Thursday as a mounting debt crisis in Italy heightened fears about the global economy, fuelling a flight out of riskier assets.
The most-active January contract on the Shanghai Futures Exchange dropped as low as 54,830 yuan a tonne, a level not seen since October 24. It closed Thursday's session down 5.4 percent at 54,830 yuan. The downtrend in copper engulfed the wider industrials complex on the SHFE, dragging zinc down to its limit down towards the end of the session. ShFE lead fell to a low of 5.2 percent at one point while aluminium shed more than 3 percent.