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Price of copper has not really tanked - $3.40/lb is not bad.

Many ASX resource stocks SP have tanked, RXM included. high AUD exchange rate, Bot trading, shorters and willing sellers are all contributors.

I think that the deeper market fear is global economic slowdown and demise of the resources boom. I think copper is a slightly different story to most resources however with its demand and supply equation going forward so copper plays should bounce back if price continues to hold above $3.

I reckon china has a stimulus package up their sleeve and US can print more money (QE3) if things get worse before years end which should help at least in the medium term.