Regarding point 1, please listen to LIWA's cc from yesterday. They are not exposed to the price of copper since they purchase the copper and quote their final sales prices to their customers at the time orders are placed, thereby passing the commodity price risk to the customer. They talked about this issue during the Q&A as well as adding how several of their customers do their own hedging in the futures market.
I should also point out that if you're going to use 29.25MM fd shares you should also consider the fact that they currently have around $75MM in net cash on their balance sheet.
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