Copper prices fell to their lowest level in four years on the Shanghai Futures Exchange on Monday, after tanking 5 percent, a move which analysts say underscores China's bleak outlook following weak data and the country's first ever corporate debt default.
(Read More: What that China debt default means to the market)
The most heavily traded copper futures contract on the Shanghai Futures Exchange fell 5 percent - its daily limit - to 46,670 yuan ($7618) a tonne.
The move followed a steep fall in the price of copper futures on the Comex division of the New York Mercantile Exchange on Friday. May futures tumbled 4.2 percent to $3.0825 a pound, the heftiest one-day drop since December 2011, and the lowest level since July.
Analysts closely watch copper prices as a barometer for global risk appetite, as it is sensitive to macro-economic developments.
(Read More: Copper's swoon- Bad omen for China?)
"I am a little bit concerned by it [copper's fall]," Jonathan Barratt, chief investment officer at Ayers Alliance, told CNBC Asia's Squawk Box on Monday.
"The [China] data wasn't that impressive, and when you combine that with [last week's bond] default, it presents a weak picture in terms of demand and ongoing ripples that that will cause. So copper did fall out of bed, which I think was something that was expected," he added.