“In a research note, Capital Economics says on a monthly basis this means that growth recorded its slowest pace on record declining from 5.7% in June to 3% last month,” according to Mining.com. “The independent researcher says there are further downside risks to the Chinese economy in the coming months because credit growth is still slowing.”

Related: Copper ETPs Plunge on Weakening Global Outlook

Some observers pointed out that the escalating trade-war rhetoric may have contributed to protectionist trade policy fears. Traders may have been worried that the slower activity and impediments to free trade would lead to a weaker global economy, which would diminish demand for raw materials like copper. Furthermore, fears of an economic slowdown in China, the world’s largest commodity consumer, and recent data out of Europe and Japan have exacerbated concerns.

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