Copper prices, along with related exchange traded funds, are under pressure again on ongoing concerns over the Chinese economy and potential cuts in Fed stimulus.

The iPath DJ-UBS Copper TR Sub-Idx ETN (NYSEArca: JJC) was down 0.7% Wednesday. The exchange traded note has declined 18.2% year-to-date.

“The potential scaling back of stimulus measures (by the U.S. Fed) and discouraging signs out of China have been a drag on metals prices across the board,” Ross Strachan, economist at Capital Economics, said in a Reuters article.

Chinese demand for copper makes up about 40% of global copper consumption. Copper prices recently plunged on concerns that China’s central bank was tightening cash in an attempt to mop up excessive credit growth. [China ETFs Plunge After PBoC Says Liquidity ‘At a Reasonable Level’]

“Looking at fundamentals it would suggest that there is further downside for copper,” Strachan, added. “We expect prices to fall below $6,000 a tonne next year due to additional mine supply and the weak state of demand.”

LME 3 month copper futures were trading around $6,795.00 per metric tonne Wednesday.