Karl, we are in a global economic slow down (melt down), and...

Karl, we are in a global economic slow down (melt down), and eventually that will include China. The market is always forward looking, exactly how much of the copper price is actually used for consumption and how much is bought up by hedge funds giving the metal a false demand / supply equation.

The market is taking a cautious view that copper can't stay at $2 (most likely factoring a 25% drop in price) as the demand is clearly not there to meet supply in this present climate.

"How PNA is positioned compared to other copper miners in terms of cost for them to extract copper?" well hard to make any assumptions when the Sep Qtr Report hasn't been disclosed to the market as yet.

Just look at Kitco.com Copper now $1.81 it has crashed through $2 rapidly.