Copper exchange traded funds face significant hurdlers as global economies sputter. While Eurozone problems have distracted traders, China’s demand may ultimately keep the copper market depressed.

U.S. Copper Fund (NYSEArca: CPER), iPath Pure Beta Copper ETN (NYSEArca: CUPM) and iPath Dow Jones UBS-Copper Total Return ETN (NYSEArca: JJC) have all dropped over 15% in the past three months. The three funds track copper futures. [Copper ETFs: Prices Break Three-Year Support Line]

Copper is widely used as basic construction and manufacturing material, and demand from the two sectors will diminish during times of economic distress.

With recent Eurozone rumblings, analysts remain cautious ahead of the general elections in Greece and policy meeting of the U.S. Federal Reserve next week, according to a Wall Street Journal report.

“In the run up to the Greek election, the markets are likely to become increasingly nervous, and it seems unlikely investors will be looking to increase their risk appetite,” William Adams, head of research at, said in the WSJ article.

“Copper prices are stuck in a narrow range, reflecting caution and directionless trading. Investors are encouraged by equities’ rise, but are wary over the euro zone problems, which have so many implications for the world economy,” Great Wall Futures analyst Li Rong said in a Reuters article.