Interestingly local $9.1bn heavyweight copper player OZ Minerals (OZL) has made fresh all-time highs this week even while the base metal languishes over 10% below this year’s peak implying a steady rerating of the stock i.e. investors are happy to buy OZL on a higher valuation. MM remains bullish and long OZL and while its not cheap at current levels compared to historical valuations we can see a test of $30 if copper rallies as we anticipate.
MM remains long and bullish OZL
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