Let us understand the copper or copper mines are in South America, they are in China. Now if tariff is imposed, who will win?
Peter McGuire: The tariff, as far as President Trump is concerned, he is increasing these tariffs from a revenue standpoint. So, he has got one agenda and that is to raise revenue for America and that is the lens that he looks through and Howard Lutnick. As far as the suppliers, this is going to have to have some impact naturally, one to the consumer and secondly, whether they take on board those additional costs as far as tariffs and they absorb them and that is something that any CEO or CFO has got to work through at the moment, are they going to be competitive, if they do not add those to their product or if they do add it to the product and that comes down to a pricing mechanism.
So, comes down to your as far as the performance of the corporation and they are all internal metrics that need to be considered from a business perspective, so that is something that needs to be very much worked through, again, over the next quarter or two, how that is going to be absorbed and how it is going to be appreciated from the marketplace.
If international prices of copper will go higher, then copper prices should go up or down, I am talking about spot market here.
Peter McGuire: Yes, they go up and that has been demonstrated by first off the front running. But the overall theme you have seen that big spike in COMEX overnight and there is no doubt the market that is up 15-20%, it has had a little bit of a pullback in Asia trade, but the overall theme is one is going to be higher prices. I want to see how the LME trades over the next probably two sessions, currently at about 9700, 9800 a metric tonne whether it is going to crack. So we have just got to work through this and see the impact it is going to be appreciated from the LME and naturally on the COMEX futures.
