Hedge funds are also dumping copper with net-bullish copper holdings plunging 62% as shorts gained the most in 11 weeks on emerging market growth concerns. Barclays Plc predicts global production will outstrip demand by 167,000 tons this year.

“China rules the copper market, and it’s obvious that there are no reasons for this market to move higher as supply is ample, and demand is sluggish,” Jankovskis added.

The iPath Dow Jones-UBS Copper Total Return Sub-Index ETN (NYSEArca: JJC), which tracks copper futures, is down 6.3% year-to-date. [Supply Glut, Low Demand Continue to Weigh on Commodity ETFs]

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Max Chen contributed to this article.