EFTA Document EFTA01447533

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