Charts, page-99

Hi @Owen79

Don't disagree Owen, I also expect little real movement in cu first half 18. One thing I will say with regard to purer copper production (FCX etc) stocks is that they of course have a tighter correlation to pure cu, others are depending more upon where they are in their own micro cycles and the balance between exploration and production. Then we have a further loosening of correlations with things like gold etc. I know you are up with this, but others may look at copper and expect AVB will mirror.

Cheers
Phil.