So, $3.30-3.50 is relatively close to $3.50 per lb.
I did not look up the price.
It has been near $4.00 per lb. before. (not sure that is a spot market price)
I lived in the copper mining district in NM in the 1972-1986 time frame. When I left copper was $.47 per lb.
That is quite a run up.
Historically before & during major wars copper, lead and cotton prices are very high.
Financial collapses are breeding ground for wars.
Hungry people do desperate things.