Shanghai copper tumbled more than five percent on Tuesday and posted its sharpest daily drop in more than three months, triggered by stop-loss selling, as the Libyan crisis kept market sentiment brittle over the global economic recovery. Shanghai zinc fell to a three-month low, while zinc and nickel on the London Metal Exchange declined to their lowest levels since the end of January.
Shanghai's most active copper futures contract fell more than five percent at 70,260 yuan a tonne. It closed down 4.2 percent at 71,070 yuan. The 70,000-yuan level is seen a key support for Shanghai copper, analysts said. Shanghai zinc fell more than five percent to a three-month low of 17,820 yuan, before closing at 18,080 yuan a tonne.