A surprisingly strong two-day copper rally ground to a halt on Tuesday as fresh doubts set in about Europe's ability to find a solution to its debt crisis by a Wednesday summit. A summit of European leaders remains scheduled for Wednesday, but the gathering of finance ministers - known as Ecofin - was cancelled because details of the meeting had not been finalised, sources told Reuters.
There was no sign of a deal in negotiations to reduce Greece's debt to private sector bondholders, and uncertainties remained over the size of a planned bank recapitalisation and the scope for leveraging the rescue fund. In New York, the key December COMEX contract shed 2.85 cents to settle at $3.4205 per lb, after dealing between $3.3580 and $3.5390. Volumes were flat as investors sided with caution. A little more than 60,500 lots were traded in New York, in line with the 30-day average, according to Thomson Reuters preliminary data.
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