Sure it will hit $2. The question is when? Will there be a...

Sure it will hit $2. The question is when? Will there be a speculative rally before the PFS? If you look at the copper chart over the long run (US$) it almost always takes at least two years for it to recover from a peak. Copper peaked in March 22. So even if we expect a new bull market in copper we might not see new highs before 2025.

2YR US Treasury bonds probably peaked in September this year. At some point the US is going to have to bring interest rates down while issuing eye watering amounts of new debt for as far as the eye can see (due to the demographics of the baby boomers and the entitlements they will need to be paid that are baked into legislation). The US dollar will fall and commodity prices will cycle back up. Copper may not recover until 2025.

Copper is going to need to enter some sort of super-cycle for the price to break away from the pattern of past cycles and appreciate significantly in AUD.