I think you are overthinking it. If they sold on the spot market, the spod still would have gone to China in all likelihood. They obviously feel they will get a fairer price this way, and a contract gives them certainty over outcome. Of course they want to lock in certainty of revenues. I can't see any problem here. The hotcopper threads are challenging, but if you put the effort in you'll realise there is a lot of talent here. You just need to ignore the noise. All imo. G
LTR Price at posting:
96.5¢ Sentiment: Hold Disclosure: Held
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