Another perspective on the forward price of copper comes from Goldcorps report today, projecting a price for its copper by-product of $3.50/lb in 2013.

"Assumptions used to forecast total cash costs and gold equivalent calculation for 2013 include: $1,600 per ounce for gold; by-product metals prices of $30.00 per ounce silver; $3.50 per pound copper; $0.90 per pound zinc; $0.90 per pound lead, an oil price of $100.00 per barrel and the Canadian dollar and Mexican peso at $1.00 and $12.75 respectively to the US dollar."