copper hits new highs this afternoon, page-5

Brendan

Yes and no. analysts have spreadsheets where the assumed fwd price of copper is factored in. So the sp is marked to market [or should be] for unhedged metal plays [watch ncm track pog]. The p/l reports confirm volumes and estimated costs and fx to derive final profit.

I think largely existing prices have already been factored. I hope im wrong - cause it scares me that at all time cu $ highs - OX is struggling for air above $1.

For the record I think the latest financing was underpriced. The more ridiculously underpriced, the more ridiculously oversubscribed. This issue converted will dilute what ever you hold today by about 8%. Whats worse is you will see short selling by the issue holders when the sp gets above $1.70. [If I have the numbers wrong - someone correct pls]

The target conversion price ($1.36) till 2012 seems too easy an target (just apply inflation of 4% to $1 for 7yrs and see what you get watching the grass grow). Unless of course the OX has a cunning plan to issue more paper making 1.36 a struggle. Some how, and unfortunately, it seems to be the way.

So, and I hope Im wrong, watching the OX gallop up the charts is a sport of the past.

cheers