We see excess metal going into inventories and that has been weighing on the price.

FORBES: FOCUS: Copper Market 'Guarded;' Near-Term Bounce Occurring But Longer-Term Retreat Expected

Traders worry that Spain, Italy and other weak European countries might follow suit, flooding the market with excess supply just as demand for the metal is weakening.

NPR: Gold Plunges To Lowest In More Than 2 Years