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Not sure but as we see price revival in copper the producers are going to look attractive again over the coming year, copper is the only base metal experiencing constant drawndowns on LME.

The big BUT is that LME supplies are around 5 year highs and the price is just off 5 year lows, really need constant large drawdowns to occur and see minority Cu producers close up shop due to reduced margins, reduce some of the additional supply capacity and see a shift back to increasing demand.

The spot price seems to have found that bottom over the last few months, if we have found a happy medium with demand/supply then there are still good profits to be had for guys like PNA, EQN at current spot.

My only concern is that with suppresed demand we may end up with massive surplus of base metals which keep prices low for the next couple of years. Companies that can survive at these prices however will be in the box seat for next metal upswing as additional production capacity can be brought on relatively easily.