The red metal, seen as a barometer of global growth, dipped below the $US2 a pound market for the first time since the global financial crisis on concerns over Chinese growth.

Positive Chinese trade data helped a bit, and the price is currently at $2/lb even.

Oil prices continued their rapidly decline, only just holding above $30 a barrel.

IG market analyst Evan Lucas said oil prices were the biggest story in the market right now.

"I fully expect to see oil in the $20 a barrel handle. However, the uber-bears are now suggesting $10 a barrel is a real possibility," he said.

Shares in Grasberg operator Freeport McMoRan - which is primarily exposed to copper and oil - fell by as much as 18% in New York on Tuesday, hitting a 15-year low, but bounced back by 12% overnight.

Gold was a standout in a bleak market, though it only stayed above $1100 an ounce briefly, and last traded at around $1060/oz.