Prices of copper dropped significantly

Copper prices continue to fall on the London Metal Exchange (LME). Reuters reported three-month cooper lost 3.4 percent on the LME, hitting $6,812.75 per tonne on May 1.

Reuters said the copper price decline is also an extension of the deepest monthly drop in nearly a year in April. Copper lost 6.4 percent last month.

China accounts for about 40 percent of the world's copper consumption, and analysts said the decline in copper price is due to concerns over consumption growth as China's economy remains fragile.

"The problem is that China is looking quite poor, which has really weighed on the whole base metals complex," said Dan Smith, a Standard Chartered analyst, according to Reuters.