By Millie Munshi Oct. 27 (Bloomberg) -- Copper fell to the lowest price in three years in New York, extending the metal's slide toward a record monthly drop, as concern mounted that a looming global recession may curtail demand. Copper plunged 41 percent in October before today, heading for the sharpest monthly drop since 1988, when the metal started trading in New York. About $12.2 trillion has been erased from the value of global equities so far this month as $680 billion of writedowns and credit losses triggered a credit freeze. ``Nothing is escaping the fallout as `recession fears' have now become the reasoning for liquidation,'' Alex Heath, the London-based head industrial metals trading at RBC Capital Markets, said today in a report. ``On the back of this scenario, it remains of little surprise that the base metals have continued to sink.'' Copper futures for December delivery fell 2.1 cents, or 1.2 percent, to $1.6655 a pound at 9:13 a.m. on the Comex division of the New York Mercantile Exchange. Earlier, the price touched $1.6265, the lowest for a most-active contract since Sept. 19, 2005. On the London Metal Exchange, copper for delivery in three months dropped $90, or 2.4 percent, to $3,680 a metric ton ($1.67 a pound). To contact the reporter on this story: Millie Munshi in New York at mmunshi@bloomberg.net.

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