Ann: Retail Entitlement Offer Results, page-28

Sorry to post so much so quickly but information flow tends to come to me in a bunch mid-month.
Here's what perennial Microresources say.

We are at the beginning of the seasonal build-in metal inventories for the year. As shown for copper on the chart below, we’re starting froma lower base for the fourth year in a row.This year the inventory build coincides with an acute shortage of copper concentrate due tothe Cobre Panama mine being shut down in November, which has in turn pushed refinery margins into negative territory.The confluenceof bullish supply-side factors is compelling but will likely need the spark of demand improvementto crystallize a meaningful move inthe copper price. Either way, we see the risk/reward balance in copper as appealing and have increased our exposure accordingly.




All IMVHO.