Mueller Industries (MLI) was up close to 7% yesterday after reporting extremely strong second-quarter earnings per share (EPS) of $1.92 versus $0.50 in the prior year, as sales doubled to $1.01 billion.

An 82% increase in copper prices to $4.43 pound, along with strong demand for pipe from construction industries drove the results. While this likely marked MLI’s peak earnings point for now, as copper prices have come down slightly to $4.20 a pound, demand and prices should remain firm enough for the company to earn over $4.00 a share this year and next.

Buy MLI under $48. My target is $52.