The long term copper price (over the last 5 years) has been below the levels required for a copper mine to be viable. Its short term crash only compounds these concerns. We'd need a price at about $3.50 at least for a new mine to be viable. Until the CP starts to approach those levels, for me, investing in MOD represents a significant opportunity cost. In the short term therefore I believe the SP will continue to move downward with the CP despite positive results.
Nevertheless I continue to follow MOD with a keen interest, despite my short term bearishness.
