Global recession concerns found copper at a 33-month low, dropping up to 8 percent on Thursday.  Base metals were able to pare earlier losses when European shares came back slightly from an earlier drop.

There is a very strong link between equities and commodities that will persist for the time being,” Standard Chartered analyst Dan Smith said.

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The bullish actions of a strike in Chile that compromised one multinational company’s copper shipment was not enough to have an impact on actions spurred by demand concerns.

Despite the collapse in copper prices, strike action by workers at mines and ports, particularly in South America looks likely to be an ongoing feature which will have an impact on supplies,” Fairfax said in a research note.

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