Well said Prospekt. The supply side is definitely in trouble which should help the price of copper.

Unfortunately it's a bit more complicated than supply and demand. The currency side is a factor as well. Copper is priced in USD so if the USD goes up then copper goes down. As many of you know, the Feds are planning to ease up on their QE program which will end some of the weakness in the USD. This is why all commodities are taking a beating today.