4 inline (pre-announced last week), SSRS guidance light, 2015 margin guidance reiterated (trading +2.3%) • BHP Billiton production numbers in line, Escondida ahead, maintaining guidance & cost savings (trading +0.85%) • Novartis good O4, Bayer's Reinhardt replaces Vasella as chairman, light guidance of f

ore strategy of squeezing out high cost producers. Their jointly owned Resolution project in Arizona could meet 25% of US copper demand on it's own, Escondida in Chile could produce 1mnMT/year —5% of world output. Nickel prices reached highs of $16860 this morning on news that First Quantum shut its 38 kM

ore strategy of squeezing out high cost producers. Their jointly owned Resolution project in Arizona could meet 25% of US copper demand on it's own, Escondida in Chile could produce 1mnMT/year —5% of world output. Nickel prices reached highs of $16860 this morning on news that First Quantum shut it's 38 kM

that fundamentally ther could be a bullish story lurking. Cuts in copper mine output for geologica= and technical reasons such as the 150kMT cut at Escondida and the 100 KMT=cut at Kennecott are rasing questions as to whether the global surplus exp=cted in 2015 with Macquarie expecting the market to be ba