Copper, aluminium, zinc and silver hit lower circuits on the Multi Commodity Exchange (MCX) of India. Price of gold also dropped after it fell in the London market to trade below $700.
In London, copper fell as much as 9% on Monday, the most since October 2004, paring this years 93% gain, while zinc tumbled as much as 12%, the most since at least 1989.
Silver for immediate delivery, up about 50% this year, dropped as much as 6.2%. Gold slipped almost 4%. On MCX, copper and aluminium fell 6% by 1700 hrs local time, while zinc and silver fell 8.8% and 7.35%, respectively. On MCX, 9% is the maximum permissible price fluctuation in metals trading.
The trading halts for 15 minutes once the prices hit the first price band of 6%. A further 3% is allowed after the cooling off period.