Copper prices fell last week after a previous rally that had provided false hope that they may be on the rebound. Concerns about the euro zone debt and its overall effect on the market are believed to have eroded confidence in the metal, leading to many forecasting a dismal outlook for other metals as well.

Three-month copper on the London Metal Exchange (LME) slipped to $7,665 a tonne in official rings, which is down from the three week high of $7,790 that had been experienced in the previous session.

“Worries about the euro zone will be with us for some time to come. The fundamental problems have yet to be solved, and at some stage this year the politicians really do need to offer a longer-lasting solution,” said Nic Brown, head of commodity research at Natixis.

“It’s not clear that any of the measures that have been taken so far are addressing the fiscal problems.”