It will be interesting to see what Cu hedging arrangements management are looking at.
Currently there remains 1650 tons Cu at a zero collar hedge this Q. That is 'buy puts' = sell Cu at A$11,900/ton or US$3.95/lb (for downside protection) and 'sell calls' for the counterparty to buy Cu at A$12,900 or ~US$4.28/lb.
Obviously with Cu at ~US$4.50/lb AIS are not making money off the hedge.
Holding......plenty.
It will be interesting to see what Cu hedging arrangements...
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