Copper hit a near two-week low on Monday, pressured by worries about weaker demand for industrial metals as a European summit deal to strengthen budget discipline failed to soothe market fears of a deepening debt crisis and a potential regional recession.
"Right now, traders are only looking at Europe ... It doesn't look good and (they) don't want to have a position until year-end," said George Gero, vice president with RBC Capital Markets Global Futures in New York. In New York, the key March COMEX contract fell 9.35 cents to trade at $3.4644 per lb, after dealing between $3.438 and $3.5045.