Copper futures have fallen for the fifth consecutive session on Tuesday, resulting in the metal falling to a 14 month low. The drop shows that investors are anticipating that the faltering state of the economy is likely to affect the demand for industrial metals.

Greece’s continued slide towards defaulting is also a major worry for investors, with many looking to wait it out and see what happens after the Greek government warned that it would not be able to meet deficit targets placed on them for the year, leading to Euro-zone ministers delaying a decision on whether or not to provide them with additional support.

If the country defaults, it may cause another credit crunch that could lead to further debt crises. The recent volatility within the copper market may also have the effect of mining companies cancelling projects, which could affect long term supply of the metal.

Diego Hernandez, of Chilean state controlled company Codelco, commented “We have concerns because the world doesn’t look too well, especially Europe. But we’re quite optimistic for the supply and demand of copper. Probably demand is lower than expected but supply is also lower, and we expect the same equation again for next year.”

Analysts and Goldman Sachs bank are predicting a possible recession for the European market, with a recent note claiming “Industrial metals and copper in particular have clearly borne the brunt of the growing pessimism about future economic and market conditions. Sentiment is likely to remain poor in the near term, suggesting the need for caution.”