From: Yana Smith c:===.• To: [email protected] Cc: II , Paul Morris Nay Gupta Vahe Stepanian Subject: Copper (bid $275.71, +313.4k vs cost) (C) Date: Tut, 01 Jul 2014 17:52:28 +0000 Inline-Images: unnamed: unntuned(1); unnamed(2); unnamed(3) Cissslik:aban. Conedenbal Jeffrey - Positive momentum behind copper (3mo currently 7015. see char below). FYI. DB traders want to see a close above 7050 before they consider this a sustained break-out. My view take the gains and be done. work ceder -5276/MT. Indicative bid and charts below (recall. you abated your position at $265/MT, 1250 MT on 4/7/14). Spot Ref: 3m 37015/MT Bid: 3275.71/MT ($344.637.50, 413.388 vs your cost). 15% Vol Mid: $285.60 (3357.000). •325,750). 15.6% Vol The above is a DB bid. I did check away (Susquehana) and they quoted same 15 vol dd. 15.5 mid. At these vols, would need to see $7025 on spot to see $280/MT on the option, or 3350k on your position. •18.750 gain. Regards. Tata 3mo Copper Price History as of 711/14, as of 1:30pm EST EFTA01193811