London copper stayed below $8,000 a tonne for a third day running as investors worried about the outlook for global demand, with Spain's surging borrowing cost threatening to spark a new phase in the euro zone debt crisis.

The mood is very cautious and I see prices going down further in the short term as I haven't seen a lot of clients who are willing to buy copper at current prices, said Judy Zhu, commodity analyst at Standard Chartered Bank.