In our last copper note, we reiterated both our negative view of its price prospects and our target of $6,500/t. But a more recent note updating our base metal price forecasts suggested the target would not be reached before late 2014, instead of which, copper has crashed below it this week. We have long had a trading recommendation, short copper versus long basket of lead, tin and zinc, and whilst this has fared well, especially in recent weeks, all three price ratios have already reached levels we had in mind for Q3'14.
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