Copper prices marked their longest losing streak in 18 years this week, but while some say the slump is a bad sign for the metal's biggest importer China, others say it's no cause for alarm.
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.
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The rout in copper prices came alongside a broader selloff across global equity markets in recent weeks triggered by a combination of emerging market jitters and tapering concerns.
"This is reflective of the rumblings in China, it's been a long time coming," Andrew Su, chief executive officer at Compass Global Markets told CNBC, referring to a decline in the price of copper.
"I expect China's gross domestic product (GDP) [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.