Copper on Wednesday posted declines for a second straight session amid concerns that surging U.S. economy may slow worldwide growth affecting demand for copper used in pipes and wires.

Last week, copper lost 2.1 percent after a slowdown in U.S. economy increased speculation that consumption will decline.

Copper futures for March delivery declined 9.15 cents, or 2.9 percent, to $3.105 a pound by mid-day on the Comex division of the New York Mercantile Exchange.

On Tuesday, Copper lost 6.9 percent before the Federal Reserve reduced the interest rates to 3.5 percent from 4.25 percent boosting the U.S. economy and steady financial markets.

Reduction of the interest rates led prices for industrial metals including copper to fall 20 percent to 30 percent.

Last quarter, copper futures lost 16 percent due to a decline in U.S. demand for the metal.

Copper for delivery in three months declined $160, or 2.3 percent, to $6,860 a metric ton on the London Metal Exchange.

Copper