Copper could be pushed to its marginal cost of production due to low demand.  While copper has held up very well compared to other metals during global market upheaval it may still drop further according to David WIlson, senior economist at Norilsk Nickel.

Because the prices are above the marginal cost of production, there is little incentive for producers to cut output so the prices face significant downside risk," Wilson said, adding the cost was at around $4,000 per tonne.

Three-months copper MCU3 was trading at around $5,380. The metal, used mainly in construction, is trading well below its record high of $8,940 per tonne struck in early July.

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