You can always find contrary points of view, Brad:

One investment bank, Goldman Sachs, said the significance of the copper-inventory builds may be “overstated.” While “visible” exchange inventories rose this year, analysts said, consumer and producer inventories shrank over the last decade. Also, Goldman said, LME warehouse stocks in the 580,000-ton neighborhood in a current 20.3-million ton market “is not the same amount of stock” on a relative basis as in 2003 when consumption was 15.6 million tons.

The bank said it looks for copper to move higher into a third-quarter peak.

“We do not expect total global inventories to break substantially higher than their 6-7 weeks of consumption until 2014, and as such, we do not see copper falling sustainably below $7,000/t until 2014,” Goldman said.

http://www.forbes.com/sites/kitconews/2013/04/09/focus-copper-market-guarded-near-term-bounce-occurring-but-longer-term-retreat-expected/2/

Anyway, I wouldn't lose any sleep over this stuff. Teck's plans for Schaft Creek aren't going to hinge on copper being at $3.75 or $3.25 later this year. This is a longer-term decision for them.