From: jeffrey E. <jeevacation@gmail.com> Sent: Tuesday, July 1, 2014 6:23 PM To: Tazia Smith Subject: Re: Copper (bid $275.71, +$13.4k vs cost) [C)

take it

On Tue, Jul 1, 2014 at 1:52 PM, Tazia Smith > wrote:

Classification: Co=fidential

Jeffrey-

Positive momentum behind copper (3mo currently 7015, see chart 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 order —$276/MT.

Indicative bid and charts below (recall: you initiated your position at $265/MT, 1250 MT on 4/7/14).

Spot Ref: 3m $7015/MT Bid: $275.71/MT ($344,637.50, +$13,388 vs your cost), 15% Vol Mid: $285.60 ($357,000), +$25,750), 15.6% Vol

The above is a DB bid.

I did check away (Susquehana) and they quoted same 15 vol bid, 15.5 mid.

At these vols, would need to see $7025 on spot to see $280/MT on the option, or $350k on your position, +18,750 gain.

Regards,
Tazia

3mo Copper Price History as of 7/1/14, as of 1:30pm EST

As of 6/30 Close

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