The copper priced corrected almost 20% from its May high dragging the Australian related names lower in sympathy e.g. OZ Minerals (OZL) corrected a whopping 26%! We are bullish copper from current levels with a test of the psychological $US500/lb area our preferred scenario hence our target for OZL is fresh highs around $28 where we would in all likelihood look to crystallise some profits. NB: our view at MM on Copper is different to that of Peter O’Connor in the webinar, Peter believes a slowing Chinese property market will impact Copper prices in the short term – that’s what makes a market as they say!
MM remains bullish and long OZL
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