Copper futures appear to have lost their battle at the $4.00 level and the market has been selling off the last couple weeks. On Wednesday, July copper futures dropped 5.00 cents to close at $3.6810. This is probably more of a technical break, but the fundamental explanation is tied to worries about slowing demand for copper in China.

I wouldn't rush in to buy this market anytime soon. Usually, commodities will have a steep drop under a technical setup like this. I would only look at the buy side if copper futures are able to trade back above $4.00. The next level of major support should come around $3.45.