Ann: Sprott Vancouver Presentation, page-5

Hi arsenic , this is from today’s Rex minerals Ann:

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Thirdly, the copper market.
The copper price rose during our placement to a high of US$3.32/lb on 8 June 2018 and now sits at US$2.78. This represents a fall of around 15% in just over four weeks.
Some of the downward price pressure since the start of June is widely reported as the result of fears that a ‘trade war’ between China and the US could harm global economic growth. This is most certainly a factor. However, with respect to copper, some additional momentum to selling came courtesy of the liquidation of a large copper position held by a Beijing-based brokerage group.
This needs to be put into context. Our view remains that there is an emerging copper supply gap that means that the over-selling of copper now indicates a tightening later. Trade war or not, the underlying fundamentals to the projected long-term trajectory of increasing demand for copper in tightening supply have not materially changed. We consider the underlying thesis that the world is in need of significantly more copper than is being produced cannot be dismissed and will translate to higher prices. “