interesting is sort of it when you look at trading volumes across these three big exchanges the london metals exchange still dominates the cold max has actually been garnering more gaining market share for the past three or four years because of some very aggressive fee increases on the london metals exchange and then shanghai has just been growing because china's growing and it's your confidence in the shanghai market with regulatory you know safeguards etc i think so i think increasingly i think the big step that the shanghai exchange needs to take is that needs to open to foreign investors now we've seen in iron ore the darley an exchange has recently opened it open trading to foreigners and the expectation is that over the next five years that a lot so be the case. and on the shanghai futures exchange we've only got about thirty seconds but i want to ask you about aluminum which you also cover there's been sanctions and there's also been tariffs on aluminum that's what's having the biggest impact on aluminum price i think sanctions are the bigger story globally that it is there because of roussel

interest, futures contracts on the london metal exchange. the biggest daily drop since october because of u.s.-china trade tensions. do people even want to be in copper anymore? if there is a trait concern, it hits china and the u.s. >> you have two main things to consider. you have the very near term, which is the trading, and then you actually have the fundamentals, which play out near-term.ond the this is shifting day by day. traders will be trying to benefit from their short-term price moves. our investment horizon is considerably longer than that. what we see in the stock market today is this strong theme playing out across the commodities space where companies have been in this hellish time. we are seeing these big gaps emerge between supply and demand. commoditya classic that has been through a strong bear market. we have seen the inventories shrink. markets are back to three dollars per pound. that is a profitable price for producers and that consumers can bear. four nothing like the dollars per pound of all. francine: this is assumi