OZL has at times felt like our underperforming copper exposure, equivalent to Santos (STO) in the oil / gas sector i.e. OZL has corrected over 19% from its 2022 high when copper simply rotated in its fairly tight 12-months range. However the industrial metal has come back to life this week rallying ~7% suddenly finding itself within striking distance of our medium-term $US500/lb target i.e. now only another 5% away.
MM remains bullish OZL ideally targeting the $30 area
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