I'm sorry, but all this arithmetic has left me no peace. So I did the maths until I found a formula that works. I also made a mistake in my earlier calculations - which is mainly due to the fact that you can't calculate directly with the value of the metals (except for copper), but have to calculate with ratios in order to calculate the copper equivalent. Then there are the hurdles in the form of tonnes, grams and ounces - you have to convert everything correctly. As a backtest of my formula, I used the figures from 23 May 2023 (I excluded silver). The formula seems to be consistent. If anyone thinks otherwise I would be grateful for any feedback.
see also more below the "basis" of the math.
If the formula is consistent, then you can also ‘simulate’ a little. So I have assumed the following: USD/oz 3500, CU at USD/t 12000 and Moly at USD/t 80k. I have left FX A$/USD the same. Not so uninteresting in my opinion. Have a nice weekend again.
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