The industrial metal's price, widely perceived as a bellwether for global market sentiment and often referred to as 'Dr. Copper,' fell to $3.184 per pound or $7,020 per ton Monday, its ninth consecutive decline, as softer manufacturing data out of China and the U.S. led investors to ditch the commodity amid supply concerns. "I expect China's gross domestic product [growth] to slow significantly this year, and people are starting to price that in. I see copper falling to $6,000 per ton or $3 per pound within the next quarter," he added, referring to a 14.5 percent decline on Tuesday's levels. Copper prices have been correcting since hitting a high of $10,000 per ton in early 2011, as concerns over slowing growth in China, which accounts for 40 percent of demand, increased, while an expected production surplus has also been a factor impacting prices. "We are one of the more bearish forecasters and see China GDP slipping to 7.1 percent this year," said Compass's Su, who expects a correction in China's property market to trigger a broader crash in the economy.
Source: CNBC NEWS
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