From a technical perspective, a logical target for the bulls is...

From a technical perspective, a logical target for the bulls is the February 2011 high of US$4.6495/lb (see chart below). In that bull run, the price moved 270% higher from the low point during December 2008 and if this current wave is anything like that one there is some way to go for the base metal.





We have not seen a huge investment in new copper supply over the past few years, which means users have been competing for the relatively scarce supplies of copper, leaving price as the arbiter of who receives this supply. Mine development is a long-term activity, so the copper market will be tight for some time.

Goldman Sachs believes a long-term copper price near US$10,000/tonne (US$4.54/lb) is needed to incentivise necessary volume of probable copper projects. See post # 52517267


Cheers

These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.