Demand for copper is not going away. It's at an ebb now due to lower world demand resulting from poor economies. Since China is the big driver for copper at this point they're the ones to watch. Will China's economy further cool ...... maybe. How much, who knows.
Oft times a "super cycle" is driven by speculation which drives up the price of the commodity and/or the underlying stocks unrelated to demand. Since speculation can relate to the commodity and/or the stock, in the case of SCCO, I do not believe that speculation is a huge factor due to GRUPO's position ....... can it swing the stock a few points, yeah.
So ....... were we ever in a "super cycle" with regard to copper? Me thinks not. Copper went up when demand outstripped supply for a period of time. Now demand is down and more capacity is coming on-line in the next couple of years. How long will demand be down and IF demand remains down for a few more years two things will happen #1. We'll have bigger things to worry about since the world economies will be in the toilet and #2. The high cost producers of copper will be shutting their mines leaving the low cost producers in the cat-bird seat.