Good moveHedging is a bet on copper prices in the future. TKO costs per lb down in the $1.15 to $1.25 range. They have hedged 1/2 their production,30 M pounds, at $1.80-$2.30.That a previous poster has pointed out will move them thru their Phase 2 expansion and happy with the margins. The Chinese on a buying wave, that they bought 350,000 tons of copper in March,but signs of backing off with the price increase. A more than 50% move up in the copper price from a $1.40, was a good time for TKO to lock in some cash guarantees. The worldwide mess is far from over. Good time for TKO to lock in some profit. That is only 4 months production. Time will tell.