Copper is all about China. Once construction slows a bit there the price should drop, and the government is attempting to reign in things already. The US demand, while significant, is dwarfed by the demand in China.
While there are many factories and plants under construction in China as well as infrastructure, the pace should be slowing a bit as much of the production that's going there has already gone there from the US and Europe.
Rising material prices, rising interest rates, and lower reward (appreciation) will act as a brake on growth there.
The recent (the past week) increase in the price of steel from Baosteel of 6-7% will be a factor in this as well.
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