The price of copper in New York fell on Thursday for the fourth straight day with July futures trading on the Comex market giving up 2% to $2.1430 a pound after optimism about demand from top consumer China began to fade.

CRU points out that major copper producers in an effort to strengthen balance sheets laden with debt are focusing on their operating mines and most-advanced projects and cutting capital expenditure for developing projects and exploration budgets.

At the same time "the investment community has lost its appetite for funding exploration and development work, forcing many mid-tier and junior mining companies to halt work on projects, with pre-development projects in the probable and possible categories especially affected."

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