Copper prices, viewed widely as a barometer of economic growth, are likely to fall a further 13 percent to $6,000 per metric ton in the third quarter of 2013 on weakening demand from China, according to one analyst.
The industrial metal has tanked almost 8 percent since the start of last week on concerns over slowing growth in China and the U.S. - the world's two largest buyers of copper.
And the metal fell 1 percent on Tuesday to around $6,825 per ton as investors expressed their disappointment to news of a fall in the HSBC China Purchasing Managers Index to a two-month low of 50.5 in April.
The metal is now down over 30 percent from highs of just over $10,000 seen in early 2011 and Andrew Su, chief executive officer of Sydney-based trading firm Compass Global Markets, said the industrial metal has a lot further to fall.
"I think copper could easily head to $6,000 per ton in the next quarter," said Su. "Broadly China will be the reason... We have statements from the People's Bank of China saying China may have to sacrifice growth for structural reform. That is a clear signal from the top that we will see a further slowing down in the Chinese economy this year," he added.
China's economy slowed unexpectedly in the first quarter, growing an annual 7.7 percent compared from 7.9 percent in the fourth quarter of last year.
(Read More: Uh-oh, China's PMI Miss Spells Trouble Ahead)
China's central bank governor Zhou Xianochuan this week described the slowdown in first-quarter growth as "normal" as the world's second largest economy tries to shift the focus of growth to consumption and away from investment and exports.