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On the subject, yesterday in Chile we had the presentation of the Cochilco Market Tendencies report, with Cochilco being the world's number one copper producer country's copper beancounter people and the Market Tendencies report their main annual thingy, which invariably comes at the end of January each year.
Cochilco forecasts copper to sell at an average of $2.85/lb this year, and $2.80/lb in 2016. That first number is down from their previous guess of $3/lb in 2015. Here's a chart with numbers on it:
So even if their guesses for the next two years are correct, which means copper recovers somewhat from its present level, you can easily see the type of price drop faced by the industry in that graphic.
If you'd like your own copy of the 34 page Cochilco report, it's right here.