China has used copper as lower cost valuable metals substitute for gold and silver .
As such they have created a bubble in copper similar to what we have seen in gold and silver prices.
Copper has no real precious metal value like silver or gold, and it’s value is really as an industrial metal.
The highly inflated cost of copper has had a negative impact economically and the general slowing of the economy is killing industrial demand for copper at any price.
Basic supply and demand is taking over and the inflated bubble price of copper is dropping to economically sustainable prices via classical supply and demand
A lot of people are going to find out you cannot back a currency reserve with copper, much to their dismay
Anyway....
The Nikkei Gets Slammed, And It's A Sea Of Red In Asia
The Nikkei is down 2.1% to 14,902, as a strong yen weighed on stocks, and on profit taking. "The Nikkei is down 2% as risk aversion radiates and propagates from China to Asia," Societe Generale's Sebastien Galy wrote in an email to clients.