The $5.00/lb is mentioned by Codelco in the following post from this morning. Being the world's largest supplier of copper means they should know a thing or two about copper :)

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Yes, I saw the post this morning and it does make a very strong case for significantly higher copper in a couple years. I agree that Codelco should have a better handle on where things are going with Copper than some analyst for sure.

I didn't see anything about copper jumping in a few month though, so I thought maybe he found this somewhere else. If he did, I would like to read it. If it was off the top of his head, thats fine too... I was just wondering where those numbers came from.