You are right! The following is from Standard and Poors stock report, I got it from Ameritrade stock research site.
Business Profile 19-FEB-04
Shipment volume, measured in copper pounds sold, increased 43%, year to year, in the fourth quarter of 2003. Sales prices for wire also rose, due to increases in the price of raw copper and favorable market conditions that allowed for increased margins on wire sold. Encore Wire said its industry has historically seen margins grow when copper prices increase; lately, copper has traded over $1.10 per pound, after reaching a low of $0.60 per pound in November 2001. The company noted it has also seen increased pricing discipline in the marketplace from its competitors, and it hopes that trend continues. Also in February, WIRE announced plans to expand its distribution center at its McKinney, Texas, location by about 162,000 sq. ft. Related expenditures would total about $6.5 million, with the majority to be made in 2004.