The placement stock has not come out. The SPP sellers would have...

The placement stock has not come out. The SPP sellers would have also gone. The stock looks great. Here is something else to consider..

from broker-
Our sources report that the Chinese government has announced that the budget for the National Grid for the 12th 5 year plan (2011-2015) will be RMB1.7trillion, up from RMB1.2trillion during the 11th 5 year plan (2006-2010). In mid-2010 we began flagging a National Grid number of RMB1.5trillion for the 12th 5 year plan, so this number is higher than our expectations and even more bullish than we previously expected. Indeed, we now estimate that spending by the National Grid could rise by at least 50% YoY in 2011. Suffice to say, we are still bullish on copper prices into 2011.