EFTA02585261

From: jeffrey E. <[email protected]> Sent: Tuesday, July 1, 2014 6:23 PM To: Tazia Smith Subject: Re: Copper (bid $275.71, +$13.4k vs cost) [C) take it On Tue, Jul 1, 2014 at 1:52 PM, Tazia Smith wrote: Classification: Co=fidential Jeffrey - Positive momentum behind copper (3mo currently 7015, 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 $7015/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. 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 As of 6/30 Close EFTA_R1_01764668 EFTA02585261 This communication may contain confidential and/=r privileged information. If you are not the intended recipient (or have received this communication<=r> in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the<=r> 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. 40=A0 please note The information conta=ned in this communication is confidential, may be attorney-client privi=eged, may constitute inside information, and is intended only for the use of the a=dressee. It is the property of JEE Unauthorized use, disclosure or c=pying of this communication or any part thereof is strictly prohibitedar> and may be unlawful. If you have received this communication in error, p=ease notify us immediately by return e-mail or by e-mail to [email protected], =nd destroy this communication and all copies thereof, including all attachm=nts. copyright -all rights reserved 2 EFTA_R1_01764669 EFTA02585262