The bigger issue for copper will be future consumption, particularly as the government continues to try to tame the economy in an effort to control inflation, Gross said.

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Ford noted that higher costs for steel, copper, investment in future products, and inflation eroded profits, despite the strong performance.

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Macquarie Research says current copper supply shortages are a main reason we could see higher copper prices in the near future.

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The answer hinges on the future prices of copper, gold and molybdenum.

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However, the company expects this trend to reverse in the future, with copper output projected to rise to 4.3 billion next year, from an estimated 3.6 billion pounds in 2012, with further gains in future years.

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The challenge is to make the best use of copper for the benefit of present and future generations.

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Much of the U.S. economic data over the last month has been softer than expected, raising concerns about future consumption of industrial commodities such as copper.

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Take an old telephone company: The CEO knows that his future lies with fiber optics and the Internet, not with copper wires and circuit switches.

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Researchers conclude that a potential future global population of 10 billion people could consume 1.7 trillion kilograms of copper total, greater than the estimated global in-ground stocks of 1.6 trillion kilograms.

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