Copper futures' strong two-day rally faced yet again a blank wall as hopes that Eurozone leaders will meet Wednesday to discuss and plan for a strategic action to curb Europe's debt crisis was cancelled at the last minute.

In New York, the key December COMEX contract lost 2.85 cents to settle at $3.4205 per lb, after dealing between $3.3580 and $3.5390.

On the other hand, benchmark copper on the London Metal Exchange peaked at a one-month high at $7,820 per tonne, before finishing the day with a $110 loss at $7,525.

European finance ministers, known as Ecofin, were supposed to meet Wednesday but was cancelled due to lack of preparations, according to Reuters. This meeting is apart from the summit of European leaders that is also scheduled for Wednesday.

"There's still no settlement. The full package won't be ready Wednesday. You'll see leaders going over and over that they're united etc. etc., but we need a coherent long-term plan," VTB Capital analyst Andrey Kryuchankov told Reuters.

It was the finance ministers who were awaited to form a plan that will reduce Greece's debt level, and recapitalize the continent's banks. With their meeting canceled, concerns continue to outweigh investor confidence if the eurozone member-nations are united at all to produce a viable solution to end their fiscal crisis.