From: Tazia Smith

From: Tazia Smith To: "jefiley leevacation@gntail.com> Cc: Nav Gupta Paul Morris ' Subject: Re: Copper (bid 5275.71, +513.4k vs cost) [C1 Date: Tue, 01 Jul 2014 18:59:11 -0000 Milne-Images: unnamed; unnamed(1); unnamed(2): unnamed(3); unnamed(4); unnamed(5) Classification: Confidential Jeffrey - Can we take a level (5275 or $276?) to work n London market? Liquidity opens back up starting 8am GMT12am EST. Traders cannot take the naked flak now. zulassurixteescom loamy EP leavecossagenraseeweriosuakeir. uxo Oa01T201 • 0298 PM na comer ora 3275.7 I. •SII3Ak n call) lel Classification: Confidential Jeffrey - London and electronic mkt are both closed now. so rm wing to convince a trader to take this so you can be done (provided Its inline). Be right back with a level for you d doable... Tula Srnith Omit, Ines Chen, Pacer, VS De Sewn.> Inc De-whe Asea:S ‘Ma ate Mw tenni TN F e.er 12to (mai Paniaktu Perfonn From: 'PAW E '<kevarsiontarsi come To‘ Tx i StrietelebbcomeDBMERICAS. Dale 0701/2014 00.23 PIA SCOMCI Re: Cower tpd $2, 5 .sly 4k vs col) ICI take it On Tut, Jul 1, 2014 at 1:52 PM, Tazia Smith ca> 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 $7.O3/MT Bid: $275.71/MT ($344,637.50, +$13,388 vs your cost), 15% Vol Mid: $285.60 ($357,000), +$25,750), 15.6% Vol The above is a DB bid. EFTA01193816 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 $280/MT on the option. or 5350k on your position. +18,750 gain. Regards, Tazia 3mo Co r Price Histo as of 711/14. as of 1:30 .m EST Last Price 7013.25 ■ Close co 04/02 ---- 6675.00 F6311 on 01/02 08:00 7460.00 Average 6923.33 low on 03/19 12:00 6321.00 Dec Jan Feb •7600 •7400 2013 2014 LMCADS03 Comity (LME COPPER 3.10 ($)) Ni G40 60 Days 240 Minutes Apr May Jun Jul Copyright: 2014 Bloomberg Finance . 01-Ju1.2014 18:00:42 As of 6/30 Close EFTA01193817 ILMOVS03 s7015.00 7014.03/ ?co.® As of Close 30 3tr, d Vol 57545 Operant 43% 'eei!' ib ...Anna it curry ran 1 to Chmt Mr Canine r b ' A' nallrEMINIEVI T W SY AR Ca • • LI Seo:ntad, 4 fuel 0 4. Track / Annotate " News , Zoom L! L!S YE Lm Cl MEOW 06/30/3M le:t r • , w on last Price 7015.00 High on 08/16/13 7400.03 -0- Average 7011.47 low on 03/13/14 6415.03 ? Open Interest 4398 L• SMAVG (15) 5327 Sep Mar Jun 2013 2014 7400 7200 •6800 6600 •6400 30000 • 20300 4396 Tazia Smith Oncte I Key clam Paean . IA OBSoulesesWe DatedwkamoftelliMme noel Potnicrichr Vernon. Th - is communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by c-mail toicrairafism@gozilsom. and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved Th- is communication may contain confidential and/or privileged information. If you aro not the intended recipient (or have received this communication in orrorl please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosuro or distribution of the matorial in this communication is strictly forbiddon. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not bo rogardod as such. EFTA01193818