Shanghai Futures Exchange copper finished 1.9 percent lower at 38,280 yuan a tonne on Monday over slowing economic growth in China, the world's top consumer of industrial metals. Activity in China's factory sector shrank at its fastest pace in almost 6-1/2 years in August as both domestic and export demand dwindled.
"Everything is under pressure today, China is obviously the issue," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance. "But copper premiums signals that this is a selloff which is only going to be temporary and copper should find a floor around $5,000, give or take a few bucks." Data showing China's refined copper imports climbing 6 percent in July was not enough to offset concern over deep structural problems in the Chinese economy.