1) I wrote the following as part of a post on March 11th 2008. This opinion holds good today and hasn't changed a bit.
"....in a nutshell it'll (copper) bounce around the U$3.50 to U$4 range, breaking U$4 some time this year. It'll consolidate at or above U$4 in 2009 and then we may or may not see U$5 depending on what the dollar decides to do. No point trying to go too crystalball at this stage...."
2) Here's a chart. Note that $3.50 to $4 has indeed been the channel (well, $3.60 in fact, but you get the idea). No need to worry about the day-to-day vaguaries of Cu spot when the big picture is in place.