jbwere gs say copper down 40pc

Went to a presentation this week and rep of JBWGS said their view was that copper prices will drop 40%, mainly due to slow down in US housing.
They said (from memory) forget about China, as 20% of copper goes into new US houses and that the US new home builds quickly declining.

They said ok to stick with big players eg BHP as they have big forward contracts, but beware of small players and start up.
They further said they would be increasing allocation to bonds, to lock in current int rates, as US rates now likely to stall.