pna the business, page-10

HT,

I probably didn't put my thoughts too clearly.

Firstly no disagreement with you wrt PNA's offtake.

My understanding is that a large chunk of China's copper imports will be under long term supply agreements, and these they will continue to receive on LME price based terms. Some of this will be in the form of concentrates for smelters which they will mostly want to keep running near capacity.

Where China can influence things is obviously with the portion they buy on the spot market, or on short term arrangements, which if I were them with their stockpile I probably would not have been buying at $3.30

Does that make sense, or have I misconstrued something?

EL