Copper fell by its most in six weeks on Thursday, hit by broader market disappointment over a lack of immediate monetary action from European Central Bank President Mario Draghi. Investors unwound their bullish exposure in everything from base metals to crude oil in heavier-than-usual copper trading volumes after Draghi signalled no immediate action to resolve the euro zone debt crisis even after his recent comments last week to "do whatever it takes" to preserve the euro.
COMEX copper for September delivery tumbled 8.45 cents, or 2.5 percent - its biggest one-day loss since June 21 - to settle at $3.2905 per lb. The day's trading range was $3.2885 to $3.3840. COMEX volumes raced above 83,000 lots in late New York trade, close to 90 percent above the 30-day average, according to Reuters data.