EFTA01447537

take it On Tue, Jul 1, 2014 at 1:52 PM, Tazia Smit 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 —S276/mT. Indicative bid and charts below (recall: you initiated your position at S265/MT, 1250 MT on 4/7/14). Spot Ref: 3m $7013/MT Bid: $275.71/MT (4344,637.50, +S13,388 vs your cost), 1S% Vol Mid: 5285.60 ($357,000), +S25,750), 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 (Embedded image moved to file: pic12064.gif) As of 6/30 Close (Embedded image moved to file: pic14239.gif) (Embedded image moved to file: pic25804.gif) Tazia Smith Director I Key Client Partners - us DB securities Inc Deutsche Asset & wealth management 345 Park Avenue, 10154-0004 New York, NY, USA Tel Fax Mob Ema (Embedded image moved to file: pic01268.gif) This 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 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 102196 CONFIDENTIAL SDNY_GM_00248380 EFTA01447537