Copper is under pressure today. The metal that is usually used to determined global growth was hit in June among investors’ concern that global trade conflict may undermine demand, Bloomberg reports.

Price of copper fell more than 9% since it closed at the highest level in four years - $7332 a ton – just a few weeks ago. In June cooper lost 3% and costs $6655,50 per ton today.

Industrial metals are close to show the biggest monthly drop since 2016, as investors are getting rid of high-risk assets due to rising trade tensions between the US and its main trade partners including China, Canada and Europe.

This week zinc has been falling significantly due to reducing demand and rising supply.

According to Morgan Stanley, rising trade conflict causes increase in costs for final users and restricts access to metals. This will negatively influence commodity market. Bank warns on risks for demand, although it increased some price forecasts.

Copper price weakening hit mining companies as well. Shares of China’s largest copper miner Jiangxi Copper Co. lost 13% this month. Shares of OZ Minerals Ltd. in Australia fell by 4%.

Copper as well as other commodities is priced in US dollar. Therefore, market is also hurt by strengthening American currency that grew by 5,5% this quarter.