I have written this question three times; alas~~~~~~~~~I will try to answer it; it may not be correct.

What does closing a position mean? In short, it is to close the transaction by hedging the original contract with a transaction of equal amount and opposite direction to the original transaction.

What does the CIF method mean? It is a method of freight transportation in international trade.

=Cost, Insurance & Freight The CIF price including freight and insurance.

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The locked processing fee is What does it mean? Copper processing companies often use fixed processing fees to lock in raw material risks caused by fluctuations in copper prices.

(TC/RC＝72/7.2), what does TC/RC mean? TC= =total cost RC= =rate of change rate of change

（ Grade about 38%). What does grade mean? The amount of copper in the ore. The percentage of useful elements or useful minerals in an ore.

SCFc3-MCU3×10.032=691. . . What does SCFc3-MCU3 mean and how to interpret the entire equation?

MCU3 is 3-month copper.