There is surprising inaccuracy when you look at the forecast for copper going forward. Some analysts have changed their outlook from surpluses of a couple hundred thousand tonnes, to a deficit of the same amount. Other than weather, I can't think of another business in which one is allowed to be wrong so often.

I think we will indeed see a deficit this year, or at least supplies will tighten to the point where later this year, we'll see copper above $2.50-$3.00. Looking at the LME, the supply is almost as low as it's been in the last 5 years. China's growth has slowed, but if they're growing at 6%, I have to assume they're using more copper than last year, and will use even more next year. They may be slowing down a bit, but it's like a heavy train with the brakes on. It's going to continue to move for quite a while in the same direction and worldwide economic indicators are showing signs of improvement too.

http://www.kitcometals.com/charts/copper_historical_large.html#lmestocks_5years