Investors frozen by the recessionary chill saw copper drop to its lowest point since March 2006.  Copper sank more than 9 percent.  Copper looks to be the most exposed as sectors beyond the banking sectors are being impacted by negative demand reaction.

Copper is now very close to $4,000, the average cost of production, according to some analysts. Others say average costs are just above $3,000 a tonne.

Data showing a 59 percent surge in copper inventories at warehouses monitored by the Shanghai Futures Exchange also hit sentiment. 

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