The other main point from the Phelps Dodge presentation was a...

The other main point from the Phelps Dodge presentation was a graph of the copper price over the last 35 years. It showed the highs/low and the percentage gain from bottom/top of each cycle. At $1.40 per pound it had gained 130% from the bottom of the cycle, the historical number from bottom to top was at 160/170%. They believed the price had more upside.

They didn't mention how the USD or the supply/demand issues in the next 18 months could effect the copper price. I think we know the answer to that!