Chart, page-223

So currently sitting on a high strength support / resistance zone dating back to Sept 2017 to June 2018 where the market could not push any higher. Interesting in that if the copper price falls from here the mining community will reduce supply to keep prices artificially higher. Inflation costs in the last 5 years should assist in keeping this higher along with other factors. This year US reporting 9.1% inflation last month or an average of 8.3% since the start of the year. If you add the inflation up since 2017 you get this.

So 100 cents or $100 whichever you want to use, is now about 20% higher in costs. So you could argue the costs of mining have increased 20% in the last 5 years on inflation alone. Fuel costs up dramatically and so are wages which will not come out if prices fall. Some of this inflation is here to stay. Prior to 2017 globally there was not a lot of talk about transitioning to green energy but that is not the case now.