NEW YORK/LONDON, Nov 23 （Reuters） - Copper ended down after hitting itslowest in a week on Tuesday as geopolitical tension added to concerns over Europe's debt crisis, driving investment money into safer-havens such as goldand the dollar. An artillery exchange in the Korean peninsula exacerbated the risk-aversion ruling financial markets in recent weeks.
"I think the big question on the markets' mind, and why you're seeing suchvolatility across the board, is people wondering if this is a one-time incidentor an opening salvo of more to come," Zachary Oxman, managing director with TrendMax Futures in Encinitas, California, said of the Korean incident.
"That's why you're seeing gold up a percent and why you're seeing the dollar spike … all in addition to the European debt worries already outthere." On the London Metal Exchange （LME）， benchmark copper CMCU3 was last bidat $8,140/$8,145 a tonne against Monday's $8,290. Earlier, it fell to $8,050 a tonne, its lowest since Nov. 17, and 10 percent below its record high of $8,966 a tonne hit on Nov. 11. COMEX copper for December delivery HGZ0 shed 4.90 cents, or 1.3 percent,to settle at $3.7025, down over 9 percent from a more than two-year peak at$4.0835 on Nov. 11.
"We could see this short dollar, long commodity trade rotate and start tosee strong dollar, weak commodities, short euro trade starting all over again,"Oxman said. A second straight day of gains in the U.S. dollar continued to knock thewind out of industrial metals.
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