Core Insights - C3 Metals Inc. has obtained all necessary regulatory approvals to commence its maiden exploration drilling at the Khaleesi copper-gold project in Peru, with an initial 6,000-meter diamond drill program expected to start in September 2025 [1][14]. Regulatory Approvals - The company has secured multiple regulatory approvals, including surface access and drilling agreements with the Cancahuani community, an environmental permit (Declaración de Impacto Ambiental), authorization to start exploration activities, and authorization for water use [2]. Project Overview - The Khaleesi project is located in the Andahuaylas-Yauri Porphyry-Skarn belt, a well-known copper-producing district, and encompasses over 31,000 hectares [1][15]. - The project is strategically positioned 8 km west of the Jasperoide Project, which has confirmed 13 skarn prospects along a 28 km iron-skarn belt [4]. Exploration Data - Recent geophysical surveys have identified significant magnetic, induced polarization, and magnetotelluric anomalies at Khaleesi, coinciding with high-grade copper-molybdenum and copper-zinc soil anomalies [5][10]. - Soil sampling has defined a 1,900 m by up to 650 m copper-molybdenum anomaly, with priority zones averaging 950 ppm and 650 ppm copper [11]. Next Steps - The company plans to conduct an initial 14-hole, 6,000-meter diamond drill program, which is ranked as the highest priority for drill testing based on the data collected to date [13][14].

Group 1: Joint Venture and Investment - Hudbay Minerals Inc. has entered into a joint venture agreement with Mitsubishi Corporation, where Mitsubishi will acquire a 30% minority stake for an initial cash contribution of $600 million [1][9] - Mitsubishi's investment will consist of $420 million at closing and $180 million within 18 months of closing, along with funding its pro-rata 30% share of future equity capital contributions [3] Group 2: Project Details and Financial Impact - Copper World is one of the highest-grade open-pit copper projects in the Americas, with proven and probable reserves of 385 million tons at 0.54% copper [2] - The combined impact of the Mitsubishi investment and the amended Wheaton stream is expected to reduce Hudbay Minerals' estimated share of remaining capital requirements to around $200 million, deferring its first capital outlay until 2028 [5][9] Group 3: Production and Growth Outlook - Hudbay Minerals plans to advance Copper World toward a sanction decision in 2026, with a feasibility study expected to be completed by mid-2026 [6] - Once in production, Copper World is expected to produce 85,000 tons of copper annually over an initial 20-year mine life, boosting Hudbay Minerals' consolidated copper output by more than 50% [6] Group 4: Recent Financial Performance - Hudbay Minerals reported second-quarter 2025 earnings of 19 cents per share, compared to break-even earnings per share a year ago, driven by higher gross margins and cost control [7] - The company reported revenues of $536.4 million, a 26% increase year over year, with consolidated copper production at 29,956 tons and gold production at 56,271 ounces [8]

Financial Performance - Hudbay reported strong second quarter financial results, reaffirming production targets and improving cost guidance[12]. - Achieved revenue of $536.4 million and adjusted EBITDA of $245.2 million in Q2 2025, with a 15% decrease in adjusted EBITDA compared to Q1 2025 but a 69% increase compared to Q2 2024[20]. - Net earnings attributable to owners were $117.7 million, or $0.30 per share, a 17% increase compared to Q1 2025 and a significant increase compared to a net loss of $16.5 million in Q2 2024[21]. - Cash generated from operating activities was $259.9 million, reflecting higher gross margins and stable copper production, with operating cash flow before changes in non-cash working capital at $193.9 million[19]. - Total liquidity was $1,050.2 million as of June 30, 2025, including $625.5 million in cash and cash equivalents, with net debt reduced to $434.1 million[27]. - Delivered $87.8 million in free cash flow during Q2 2025, resulting in over $400 million in annual free cash flow over the last twelve months[20]. - Achieved record trailing twelve-month adjusted EBITDA of $995.9 million and over $400 million in annual free cash flow generation[53]. - Year-to-date net earnings attributable to owners reached $218.1 million in 2025, compared to $5.8 million in the same period of 2024, marking an increase of $212.3 million[162]. Production and Operations - Consolidated copper production was 29,956 tonnes and gold production was 56,271 ounces in Q2 2025, with a reaffirmed full year 2025 production guidance of 117,000 to 149,000 tonnes of copper and 247,500 to 308,000 ounces of gold[18]. - Copper production guidance for 2025 is set between 117,000 and 149,000 tonnes, with actual production of 60,914 tonnes in the first half of 2025[42]. - Copper production in Q2 2025 was 21,710 tonnes, a 7% increase from Q2 2024, while year-to-date production decreased by 4% to 42,003 tonnes compared to 2024[81][82]. - Gold production in Q2 2025 was 7,366 ounces, down 31% from Q2 2024, with year-to-date production at 15,235 ounces, a 62% decrease from the previous year[81][82]. - Silver production in Q2 2025 reached 551,979 ounces, a 22% increase from Q2 2024, with year-to-date production at 1,106,671 ounces, slightly higher than the previous year[81][82]. - The company reaffirmed its 2025 production guidance for all metals in Peru, with copper guidance set between 80,000 and 97,000 tonnes[95][96]. - The last major stripping program at Pampacancha was completed in Q2 2025, with the deposit expected to be depleted in Q1 2026[77]. Cost Management - Improved full year 2025 consolidated cash cost guidance to $0.65 to $0.85 per pound from $0.80 to $1.00 per pound, driven by increased exposure to gold by-product credits and strong cost control[18]. - Consolidated cash cost per pound of copper produced was $(0.02) in Q2 2025, demonstrating industry-leading cost performance, while sustaining cash cost was $1.65[23][24]. - Cash cost per pound of copper produced in Q2 2025 was $1.45, a 19% decrease from Q2 2024, but a 31% increase from Q1 2025[90][91]. - Sustaining cash cost per pound of copper produced in Q2 2025 was $2.63, a 1% increase from Q2 2024, and a 37% increase from Q1 2025[92]. - Combined unit operating costs for the three months ended June 30, 2025, were $13.59 per tonne, reflecting an increase from the previous quarter[72]. Strategic Initiatives - The growth pipeline includes several projects such as the Copper World project in Arizona and the Mason project in Nevada[7]. - Announced a $600 million joint venture transaction with Mitsubishi Corporation for a 30% minority interest in Copper World, enhancing financial flexibility and project IRR to approximately 90%[17]. - The joint venture with Mitsubishi for Copper World involves an initial contribution of $600 million for a 30% equity interest, with $420 million payable upon closing[49]. - Hudbay signed an exploration agreement with Mosakahiken Cree Nation to explore the Talbot deposit, indicating ongoing market expansion efforts[104]. Community and Sustainability - The company emphasizes sustainable operations, aiming to minimize environmental impact while providing critical metals for energy transition[11]. - Hudbay is committed to investing in local communities through long-term employment and economic development initiatives[10]. - Hudbay's purpose statement reflects its commitment to caring for people, communities, and the planet while providing essential metals[10]. - The company committed over C$2 million in funding support, including C$1.6 million for evacuated employees and a C$500,000 donation to the Canadian Red Cross[56]. Market and Revenue - Revenue for Q2 2025 was $536.4 million, an increase of $110.9 million compared to Q2 2024, driven by higher sales volumes of copper, gold, and silver, along with strong realized prices for copper and gold[164]. - Gold accounted for 36% of total revenues in Q2 2025, reflecting higher gold prices compared to Q2 2024, contributing to revenue diversification[165]. - Average realized prices for copper, gold, zinc, and silver for Q2 2025 were $4.32/lb, $3,289/oz, $1.15/lb, and $26.17/oz, respectively[171]. - The realized price for gold in the first half of 2025 was $3,075/oz, compared to $2,043/oz in the same period of 2024, reflecting a substantial increase[171]. - The total revenue from contracts for Q2 2025 was $526.4 million, with adjustments for pricing and volume resulting in a net revenue of $539.7 million[178]. Tax and Expenses - Tax expense for the three months ended June 30, 2025, increased by $17.7 million compared to the same period in 2024, totaling $38.4 million[197]. - Hudbay recorded a mining tax expense of $34.8 million for the year-to-date of 2025, reflecting the variability in effective mining tax rates[199]. - The effective income tax rate for Hudbay was lower than the estimated Canadian statutory rate of 26.7%, resulting in a recorded income tax expense of $75.7 million against an estimated tax expense of $86.6 million[198]. - Exploration expenses increased by $4.7 million due to Hudbay's planned Snow Lake exploration program, funded largely by flow-through financing[196].

Financial Data and Key Metrics Changes - The company generated adjusted EBITDA of $245 million in the second quarter, resulting in a record annual trailing twelve-month adjusted EBITDA of $996 million as of June 30 [10] - Net earnings were $0.30 per share, and adjusted net earnings were $0.19 per share in the second quarter after adjustments for non-cash gains [10] - Cash generated from operating activities increased to $260 million compared to the first quarter, driven by higher gross margins and positive working capital management [10] - Free cash flow for the quarter was $88 million, with over $400 million generated in the last twelve months [11] - The company ended the quarter with $626 million in cash and cash equivalents, and net debt reduced to $434 million, improving the leverage ratio to 0.4 times [11] Business Line Data and Key Metrics Changes - Consolidated copper production in the second quarter was 30,000 tons, and consolidated gold production was 56,000 ounces, with copper production in line with the first quarter [8] - Consolidated silver production was 815,000 ounces, and zinc production was 5,000 tons in the second quarter [9] - In Peru, copper production was 22,000 tons, with gold production of 7,000 ounces and silver production of 552,000 ounces [12][13] - Manitoba operations produced 43,000 ounces of gold, 1,600 tons of copper, 5,100 tons of zinc, and 198,000 ounces of silver, lower than the first quarter due to wildfire impacts [16] - British Columbia operations produced 6,600 tons of copper and 5,700 ounces of gold, with production expected to increase in the second half of the year [20] Market Data and Key Metrics Changes - The company reaffirmed its full-year consolidated production guidance for all metals, tracking well below its full-year consolidated cost guidance for 2025 [9] - The cost guidance range for 2025 was improved to $0.65 to $0.85 per pound, down from the original range of $0.80 to $1 per pound [9] Company Strategy and Development Direction - The company announced a minority joint venture agreement with Mitsubishi Corporation for the Copper World project, reducing funding requirements and enhancing financial strength [6][7] - The joint venture is expected to unlock significant value in the copper growth pipeline and establish a long-term strategic partnership [7][25] - The company aims to maintain a strong balance sheet while advancing high-return growth projects, including the Copper World project [12][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year production guidance despite challenges from wildfires and operational disruptions [19] - The current federal environment in the U.S. is viewed as constructive for project development, with bipartisan support for the Copper World project [48] - Management emphasized the importance of focusing on Phase one of the Copper World project before considering Phase two [48] Other Important Information - The company has committed over CAD 2 million in funding support to evacuated employees due to wildfires [15] - The Copper World project is expected to create over 1,000 jobs during the construction period and contribute significantly to U.S. taxes and the domestic copper supply chain [30][31] Q&A Session Summary Question: Will Mitsubishi have commercial off-take rights? - Yes, Mitsubishi will have rights to 30% off-take consistent with their ownership share [38] Question: Is there potential to bring forward the concentrate leach facility? - Yes, it is a possibility that will be studied in the feasibility study [39] Question: What is the strategic interest of Mitsubishi in the deal? - Mitsubishi's equity contribution significantly reduces Hudbay's capital requirement, allowing for a lower level of debt [41] Question: Any discussions with the U.S. Administration regarding Copper World Phase II? - Currently, the focus is entirely on Phase one, which is fully permitted [48] Question: Is there any major cost inflation expected for Copper World? - There may be modest increases in CapEx due to inflation, but higher copper prices are also expected [51] Question: What is the status of exploration programs in Manitoba and Peru? - Exploration in Manitoba has been paused due to wildfires, while in Peru, drilling will commence once the Consulta Previa process is completed [78]

Financial Performance - Q2 2025 adjusted EBITDA reached $245 million[9], while free cash flow was $88 million[9] - The company achieved a record trailing twelve-month EBITDA of $996 million[17] - Net debt to adjusted EBITDA ratio improved to 0.4x[17] - LTM Free Cash Flow reached $413 million[18] - Cash as of Q2'25 was $626 million[18] - Net Debt as of Q2'25 was $434 million[18] Operational Performance - Q2 2025 copper production was 30.0 kt[12] - Gold production in Q2 2025 was 56.3 koz[12] - Cash cost for copper production in Q2 2025 was negative $0.02 per pound[9] Copper World Project & Mitsubishi JV - Mitsubishi Corporation will invest $600 million for a 30% interest in the Copper World Joint Venture[42] - The average analyst consensus net asset value (NAV) estimate for 100% of Copper World is approximately $1.16 billion as of August 12, 2025[47] - Hudbay's remaining equity contribution to the Copper World project is estimated at approximately $200 million[60] - The initial capital expenditure for the Copper World project is $1.5 billion[70]

Core Insights - HudBay Minerals reported a revenue of $536.4 million for the quarter ended June 2025, marking a 26.1% increase year-over-year and exceeding the Zacks Consensus Estimate of $495.34 million by 8.29% [1] - The company's earnings per share (EPS) was $0.19, a significant improvement from $0 in the same quarter last year, resulting in an EPS surprise of 72.73% compared to the consensus estimate of $0.11 [1] Financial Performance Metrics - The company produced 29,956 tons of copper, slightly below the average estimate of 30,853.63 tons by 14 analysts [4] - Silver production was reported at 814,989 ounces, which was lower than the estimated 915,769.30 ounces by 13 analysts [4] - Molybdenum production exceeded expectations with 427 tons produced, compared to the average estimate of 311.59 tons by 13 analysts [4] - Gold production was in line with estimates at 56,271 ounces, slightly above the average estimate of 56,126.27 ounces [4] Revenue Breakdown - Revenue from external customers in Peru was $259.6 million, surpassing the estimate of $253.38 million by 12 analysts [4] - British Columbia generated $83.8 million in revenue, exceeding the estimated $81.55 million by 11 analysts [4] - Manitoba's revenue reached $193 million, significantly higher than the estimated $162.5 million by 11 analysts [4] - Revenue from contracts for copper was $297.1 million, a 14.6% increase year-over-year, and above the estimate of $291.57 million by 11 analysts [4] - Zinc revenue was reported at $7.1 million, below the average estimate of $10.78 million, reflecting a 54.2% decline year-over-year [4] - Total revenue from contracts was $526.4 million, exceeding the average estimate of $488.43 million by 11 analysts [4] - Silver revenue from contracts was $13.9 million, lower than the estimated $22.42 million, but showed a 27.5% increase year-over-year [4] - Molybdenum revenue from contracts was $19.1 million, surpassing the average estimate of $12.95 million, with a year-over-year increase of 19.4% [4] Stock Performance - HudBay Minerals' shares have returned -4.7% over the past month, contrasting with the Zacks S&P 500 composite's +3.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Performance - HudBay Minerals reported quarterly earnings of $0.19 per share, exceeding the Zacks Consensus Estimate of $0.11 per share, compared to break-even earnings per share a year ago, representing an earnings surprise of +72.73% [1] - The company posted revenues of $536.4 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 8.29%, and showing an increase from year-ago revenues of $425.52 million [2] Stock Performance - HudBay Minerals shares have increased approximately 21.6% since the beginning of the year, outperforming the S&P 500's gain of 9.6% [3] - The current consensus EPS estimate for the coming quarter is $0.20 on revenues of $583.42 million, and for the current fiscal year, it is $0.76 on revenues of $2.26 billion [7] Industry Outlook - The Mining - Miscellaneous industry, to which HudBay Minerals belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of HudBay Minerals may be influenced by the overall outlook for the industry, as empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [5][8]

Core Points - Hudbay Minerals Inc. has entered into a joint venture with Mitsubishi Corporation, where Mitsubishi will acquire a 30% interest in Copper World LLC for an initial cash contribution of $600 million [1][5][9] - The partnership is aimed at advancing the Copper World project in Arizona, which is expected to produce 85,000 tonnes of copper annually for 20 years, creating significant economic value and job opportunities [4][8][16] Group 1: Joint Venture Details - Mitsubishi's investment consists of $420 million at closing and an additional $180 million within 18 months, with the transaction subject to customary closing conditions [1][5][11] - The joint venture will be structured as a new limited liability corporation, Copper World LLC, allowing Hudbay to retain its existing U.S. federal net operating losses of approximately $275 million and Arizona state losses of $210 million [9][11] - The transaction is expected to close in late 2025 or early 2026, pending regulatory approvals [11] Group 2: Strategic Importance - The partnership with Mitsubishi is seen as a significant milestone for Hudbay, enhancing its copper growth portfolio and validating the long-term value of the Copper World project [2][4][10] - Mitsubishi's involvement is strategically important for its growth strategy in the copper sector, leveraging Hudbay's operational expertise [2][6] Group 3: Economic Impact - The Copper World project is projected to contribute approximately $1.5 billion to the U.S. critical minerals supply chain and create over 1,000 jobs during construction, with 400 direct jobs and up to 3,000 indirect jobs once operational [4][8][6] - The project is expected to generate over $850 million in U.S. taxes over its initial 20-year mine life, supporting national security and energy independence [8][6] Group 4: Financial Flexibility - The joint venture significantly reduces Hudbay's estimated share of remaining capital contributions to approximately $200 million, deferring its first capital contribution until 2028 at the earliest [4][35] - The levered project internal rate of return (IRR) for Hudbay is expected to increase to approximately 90% based on pre-feasibility study estimates [4][35] Group 5: Project Development - The Copper World project is fully permitted and located on private land, with a mine life of 20 years and potential for future expansion [7][19] - A definitive feasibility study (DFS) is underway, with completion expected by mid-2026, and Hudbay plans to advance detailed engineering and other de-risking activities [7][35]

Core Viewpoint - Hudbay Minerals Inc. reported strong financial results for the second quarter of 2025, driven by significant free cash flow generation, industry-leading cost margins, and diversified exposure to copper and gold, while reaffirming production guidance and improving cost guidance for the year [2][5][10]. Financial Performance - Revenue for the second quarter of 2025 was $536.4 million, with adjusted EBITDA of $245.2 million, reflecting strong operating cost margins and significant exposure to copper and gold [5][18]. - Net earnings attributable to owners were $117.7 million, or $0.30 per share, representing a 17% increase from the first quarter of 2025 [12][18]. - Cash and cash equivalents increased by $62.9 million to $625.5 million, with total liquidity reaching $1,050.2 million as of June 30, 2025 [15][18]. Production and Cost Guidance - Consolidated copper production for the second quarter was 29,956 tonnes, and gold production was 56,271 ounces, with full-year production guidance reaffirmed at 117,000 to 149,000 tonnes of copper and 247,500 to 308,000 ounces of gold [5][9]. - Consolidated cash cost per pound of copper produced was $(0.02), while sustaining cash cost was $1.65, reflecting strong cost control and increased exposure to gold by-product credits [14][19]. - Full-year 2025 consolidated cash cost guidance improved to $0.65 to $0.85 per pound from $0.80 to $1.00 per pound [5][10]. Strategic Developments - The announcement of a $600 million joint venture with Mitsubishi Corporation for a 30% minority interest in the Copper World project is expected to enhance financial flexibility and reduce capital contributions [6][10]. - The joint venture is projected to increase levered project IRR to approximately 90% based on pre-feasibility study estimates, validating the long-term value of the Copper World asset [10][11]. - Hudbay is advancing its Copper World project towards a sanction decision in 2026, with a definitive feasibility study expected by mid-2026 [10][11]. Operational Highlights - Peru operations produced 21,710 tonnes of copper and 7,366 ounces of gold in the second quarter, maintaining production in line with expectations despite a planned mill maintenance shutdown [21][24]. - Manitoba operations produced 43,235 ounces of gold, with production impacted by temporary shutdowns due to wildfire evacuation orders [30][37]. - British Columbia operations produced 6,634 tonnes of copper, with ongoing optimization initiatives expected to enhance production in the second half of 2025 [51][52].

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View of the Report The imposition of additional tariffs may drive up inflation at the US consumer end and suppress the Fed's interest - rate cut expectations. However, the decline in the operating capacity of downstream processing has led to a week - on - week decrease in the domestic weekly social inventory of electrolytic copper, which may cause the Shanghai copper price to fluctuate widely. It is recommended that investors wait and see for the time being, paying attention to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On August 11, 2025, the closing price of the Shanghai copper futures active contract was 79,020 yuan, up 530 yuan from the previous day. The trading volume was 70,041 lots, an increase of 27,135 lots, and the open interest was 160,884 lots, an increase of 3,992 lots. The inventory was 23,275 tons, up 2,003 tons. The average price of SMW 1 electrolytic copper was 79,150 yuan, up 620 yuan, and the basis was 130 yuan, up 90 yuan [2]. - **Spot Premium and Discount**: The spot premium and discount of electrolytic copper in different regions showed different trends. In Guangzhou, it was - 20 yuan, up 20 yuan; in North China, it remained - 120 yuan; in East China, it was 25 yuan, up 30 yuan. The spread between near - month and far - month contracts also changed, with the spread between Shanghai copper near - month and Shanghai copper continuous - one being 0 yuan, up 30 yuan; the spread between Shanghai copper continuous - one and Shanghai copper continuous - two being - 30 yuan, down 50 yuan [2]. - **London Copper**: On August 11, 2025, the closing price of LME 3 - month copper futures (electronic trading) was 9,726.5 US dollars, down 41.5 US dollars. The total inventory of registered and cancelled warrants was 0 tons, a significant decrease of 155,700 tons. The spreads of LME copper futures contracts also changed, with the 0 - 3 - month contract spread being - 83.25 US dollars, down 13.7 US dollars, and the 3 - 15 - month contract spread being - 148.59 US dollars, down 7.1 US dollars. The ratio of Shanghai - London copper price was 8.1242, up 0.09 [2]. - **COMEX Copper**: The closing price of the copper futures active contract was 4.4445 US dollars, up 0.03 US dollars, and the total inventory was 265,196 tons, up 1,900 tons [2]. Important News - **Production Adjustments**: Multiple copper mines around the world have adjusted their production expectations. Teck Resources lowered the expected production of the Quebrada Blanca copper mine in 2025; Norilsk Nickel reduced its 2025 copper production forecast from 353,000 - 373,000 tons to 343,000 - 355,000 tons; Anglo Asian Mining's Denir11 copper mine started trial production, with an expected copper concentrate production of 4,000 tons in 2025 and 15,000 tons in 2026 and later; Zijin Mining's Kamoa - Kakula copper mine's planned mineral copper production in 2025 was reduced from 520,000 - 580,000 tons to 370,000 - 420,000 tons [2]. - **Mine Incidents**: Newmont's Red Chris copper mine in Canada suspended operations due to a collapse in the non - production project's underground access; Shanxi Yuncheng Yuanqu County Wulong Industrial's Luojiahe copper mine had a fume poisoning accident resulting in three deaths; Hudbay Minerals suspended the operation and exploration of the Snow Lake due to a wildfire in northern Manitoba, Canada [2]. - **Mine Resumptions and New Projects**: The unaffected area of Codelco's El Teniente copper mine in Chile resumed operations; the west side of Zijin Mining's Kamoa - Kakula copper mine resumed production in early June; the second - phase 160,000 - ton capacity of Jiangxi Copper's Mirador copper mine in Ecuador may be put into production in the second half of 2025; the second - phase 200,000 - ton - per - day expansion project of Julong Copper Mine may be completed by the end of 2025; the third - phase of Western Mining's Wanglong Copper Mine may increase the production scale from 1,000 tons to 3,000 tons per year, with an expected copper production of 180,000 - 200,000 tons per year; ACC Metals' Cediktene polymetallic mine's copper sulfide ore expansion project will be put into production in the first quarter of 2026, with an initial annual output of 25,000 tons; Vale's Bacalhau copper mine project in Brazil obtained an environmental permit in June and may start production in the first half of 2028 [2]. Trading Strategy Investors are advised to wait and see for the time being, paying attention to the support level around 77,000 - 78,000 and the resistance level around 80,000 - 81,000 for Shanghai copper, the support level around 9,300 - 9,500 and the resistance level around 10,000 - 10,200 for London copper, and the support level around 4.0 - 4.2 and the resistance level around 4.6 - 5.0 for US copper [2].