policy of hedging 50% at us$1.45/lb copper, page-8

Mikayla,

The hedging you refer to on your opening post for this thread is ABSOLUTELY NOTHING to get alarmed about.

Hedging of Quotional Period exposure in effect fixes the price at the time of delivery, rather than the time up to three months hence when it would otherwise be fixed.

Take for example April's delivery.
Without hedging we might be getting the price fixed now at about 250/lb
With hedging covering the QP we would have gotten something like 180/lb based on the price at the time of delivery.

I"ll bet most here will already be basing their numbers on 180 for April, etc.

Furthermore it would suprise me if management have hedged much copper further out than the QP. Nothing that I am aware of them having said indicates they would, and if they had to any great extent I believe they would have disclosed it.

Sure without any hedgeing this year we'd be better off, however imho this is a molehill trying to masquarade as a mountain.

What are you trying to do? give the PNAers a restless weekend of worry - it's not even like they can panic sell over the weekend,LOL.

EL