The standard of living today is about half what it was in 1964, when copper prices were high.
Even after today's small gain, copper prices are down 10 percent for the week.
He predicts that copper prices will be 40 percent lower in 2006 than they are today.
And copper prices have been in a slump since the 1970's.
Moreover, at the same time, copper prices started going down dramatically.
Right now, copper prices are a little bit below 70 cents a pound.
But for most of the period since 1981, copper prices have traded between 55 and 80 cents.
The average copper prices will be around $8,000 a tonne in 2012.
The fact that copper prices were depressed until last summer also encouraged them to cut back.
On other markets, copper prices rose and crude oil fell.
