39 close, page-4

Elroy - that might be a difficult question to answer, tracking the PNA product may be impossible. I know it goes to BHP for marketing but even though it may serve as good background information, it is probably immaterial.

The real issue here is the total copper stockpile and supply/demand fundamentals will normally determine the price. It seemed clear up until a week or so ago that the Chinese were buying up big and the LME stockpile was being drawn down on a daily basis. However inflows are exceeding outflows now so it would be good to see that reversed real soon.