The drop in copper price may come to an end as the Chinesegovernment signaled positive fiscal policy and loose monetary policy.
　　Copper price rebounded swiftly after the Chinese government releasedpositive signals, we believe the drop of copper price may come to an end asthe largest uncertainties concerning copper have been removed.
Maintain metal price assumptions unchanged. We expect the globalcopper market to be more stable in 2018 and the average annual copperprice to trade between US$ 6,000/t-US$ 6,500/t. We expect gold price toremain flat in 2018 and to fluctuate around the level of US$ 1,250/oz.
Maintain mining output assumptions unchanged. In 2018, the Companyplans to produce 1.42 million tons of refined copper, 0.21 million tons ofmined copper and 25.6 tons of gold. Production of the Company has beenstable, so we maintain mining output assumptions unchanged.
Revise down TP to HK$ 10.20 but maintain "Neutral".