Not quite right.  There is plenty of copper to meet needs in the short to intermediate term, even without falling demand.  Unprofitable and marginally profitable mines will be slowing, if not closing soon, so why look for more at this time?

Having said this, there a possible upside for LBSR (in regards to copper) should we soon prove a high-grade discovery. That comes from the fact that producers who wish to maintain their positions in the industry will be forced to concentrate on high-grade material where it can be found.  While there is not much of that anywhere in recent years, it does not mean producers will be any more inclined to explore for it.  Majors these days are risk-averse, preferring to do buy-outs instead of exploring on their own. 

If LBSR can get a drill in the ground soon, and prove high grades of copper (or even bonanza grades) at shallow depths that will help, though the timeline to production will still be years out, meaning that that copper is likely to be hitting the market during a different economic cycle (forgetting the effects of gold and moly for the moment).

It all goes back to drilling, which is now a life or death matter for this company, regardless of what's happening in demand for copper, gold, moly, etc.  

...gotta drill, gotta drill, gotta drill!