The price of Copper has continued to plummet in New York due to increased production from China. Chinese production of the metal has climbed to record levels amid concerns that the government will tighten credit and slow the growth of the metal industry in the country.

Refined copper output from China has risen by 24% over the past year, with the country now outputting 470,000 metric tons in March. The country’s economy overall has expanded by 9.7% in the first quarter, leading to an increased rate of inflation.

Refined output in China, the world’s biggest consumer, rose 24 percent from a year earlier to 470,000 metric tons in March, the statistics bureau said. That’s a monthly record, according to Minmetals Starfutures Co. The country’s economy expanded by a more-than forecast 9.7 percent in the first quarter, and inflation accelerated in March to the fastest pace since 2008, adding pressure for more monetary tightening.

The economic data “demonstrates China’s continuing drive for growth, and that measures to slow inflation have not yet had severe impact.”