base metals outlook commodity research quarterly 3rd february 2006 analyst maqsood ahmed e mail uk calyon com t 44 0 20 7214 6423 bloomberg cair www cmr otc metal derivatives london 5500 new york 1 212 261 4040 singapore 65 6439 9883 sa is regulated by the fsa it a bubble enjoy ride prove too tempting to sit on sidelines fundamental rule book has been thrown out producers are hedged almost consumers still exposed players have market themselves for now at least monthly average lme cash copper price 000 200 400 600 800 2 3 4 ja n 72 oct jul 73 apr 74 75 76 77 78 79 80 81 82 83 84 85 86 87
