Yeah, it looks okay. The spot element and the following...

Yeah, it looks okay. The spot element and the following long-term part bother me though. It looks like the trader will take spot and then in about 2010 will look to lock in a longer term deal, not doubt at the lower prices. Good for the trader who will use the huge copper surplus affected spot price to make sure they get a continuing good deal on price and have a carrot for a long term deal sitting out there.

So, if I am the trader I get to beat PNA about the head and the ears, get a spot priced reliable supply and leverage to keep the price low. If PNA goes under in the meantime or is taken over, I wont have to be worried about true longterm contracts.

My question is is this just a rehash of a previous agreement. Think about it, the deliveries have already started and they won't release the name of the 'trader". Doesn't really slound right to me, but I haven't been in this game long enough.

Summary - good announcement but it sounds like a move to shore up sentiment.