While it's nice to see the price of PNA moving, I think what's...

While it's nice to see the price of PNA moving, I think what's more encouraging is the shift in sentiment towards copper at the moment. From what I can see, the view that the medium/long term fundamentals of the copper market remain very bullish is quickly gaining momentum.

Some encouraging commentary from Rio Tinto about metals demand broadly no doubt helps:

SYDNEY, March 17 (Reuters) - Rio Tinto Ltd/Plc sees demand for metals and minerals picking up rapidly once economic activity recovers, driven by a sharp recovery in Chinese demand.
In the company's annual report, released on Tuesday, Chairman Paul Skinner also said a need to rebuild stockpiles of minerals after cutbacks by many miners due to the economic slowdown would help lift demand.
"China particularly may surprise the market. It is the rate of deceleration and acceleration of the Chinese economy which drives metal demand and prices, given its major share of total global demand," Skinner said in the report.
"Just as China decelerated sharply, with a strong impact on metals demand, it will also work powerfully in the upswing".