"Copper dropped as much as 8.7 percent in London to below $5,400 a metric ton on speculation demand for raw materials won’t be enough to eliminate a supply glut."

http://www.bloomberg.com/news/2015-01-14/copper-s-plunge-weighs-on-metal-producers-as-manufacturers-gain.html

What "supply glut"?

Same too for other metals and in the US, or are they just referring to Shanghi? Dunno.

What I see happening is, metals will go into short supply owing to closed and reduced operations among producers.