take it
On Tue, Jul 1, 2014 at I :52 PM, Tazia Smith wrote:
Classification: Confidential
Jeffrey -
Positive momentum behind copper (3mo currently 7013, see chart below). FYI, DB traders want to
see a close above 7050 before they consider this a sustained break-out.
My view: take the gains and be done, work order —$276/MT.
Indicative bid and charts below (recall: you initiated your position at $265/MT, 1250 MT on 4/7/14).
Spot Ref: 3m $7013/MT
Bid: $275.71/MT ($344,637.50, 413,388 vs your cost), 15% Vol
Mid: $285.60 ($357,000), 425,750), 15.6% Vol
The above is a DB bid.
I did check away (Susquehana) and they quoted same 15 vol bid, 15.5 mid.
At these vols, would need to see $7025 on spot to see $280/MT on the option, or $350k on your
position, +18,750 gain.
Regards,
Tazia
3mo Copper Price History as of 7/1/14, as of 1:30pm EST
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0102191
CONFIDENTIAL SDNY_GM_00248375
EFTA01447533