a sinking ship!, page-30

copper up 7%, will be sure to put a downer of those short positions :D.

I thought going long OZL and short copper would have been a decent trade 12 months ago, turns out it probably wouldn't have been. OZL down much more than copper (of course the relationship won't be linear).

Might be time to reconsider this strategy though, as current valuations are closing in on cash backing, and it seems unlikely cash costs will rise to $3+ - which is the only way I can see this valuation persisting longer term. Excepting operational disasters, like the pit wall issues.