Katusa, page-3

JS, I'm not sure about low ball TO given the construction of the register.  Certainly in right space and irrespective of current dim market sentiment that seems too focused on Trump's trade antics:


"While base metals are already pricing in a drag on global growth from trade disruptions, they assume little boost from China accelerating infrastructure spending. For example, if all of China’s appliance/whitegoods exports to the US reduced to zero, then – all things being equal – only about 140,000 metric tonnes of copper demand would be impacted, given appliance/whitegoods represent only 1% of total Chinese demand. On the other hand, around 37% of China’s copper demand goes into the electrical grid. A near doubling in China’s power grid investment in 2H18 could result in an additional 1.3 million metric tonnes of copper demand, or nearly 10 times the estimated trade risk"