Copper lost $30 a tonne on the London Metal Exchange (LME) on Wednesday as most metals slipped lower in quiet rangebound trade, dealers said.
The LME's flagship three-months copper contract ended the morning kerb session at $1,842, down from the close on Tuesday at $1,872.
Copper dropped through support at $1,860 and failed to recover. It was also hit by a 1,000 tonne increase in LME warehouse stocks.
Dealers said copper was marked down before the kerb as a result of Wednesday's traded options declaration.
"It was held up artificially before the options and when they were gone, there was no reason to buy copper anymore," a London Metal Exchange floor dealer said.
The dealer said copper might be marked down further over lunch-time before the start of the afternoon rings.
Dealers said most other metals kept to narrow ranges with nickel attracting some fund-selling. "Its all trading in ranges," a dealer said.
Nickel ended the mid-session some $80 lower at $5,470 after investment funds sold off the metal. "Nickel was quite active. The funds sold around 200 to 250 lots," a dealer said.
Aluminium ended $2 down at $1,440.
Zinc ended the kerb at $1,124 from the close at $1,125 while lead ended $1 down at $565.
Tin ended $10 down at $5,745 while alloy lost $8 to end at $1,307.
