Copper: consolidation complete?

Copper seems to be near the end of a 3-year consolidation. Copper is actually breaking into record highs as I write this post. This should be good for Yamana (AUY), as they own a significant amount of copper deposits (though they are marketed as a gold producer). Despite a weakening global economy, supply/demand is favorable for copper. Mining production remains very low, while the coming infrastructure boom will provide significant demand for copper.

3-year copper spot