MM is very bullish toward copper over the medium term but SFR feels a slightly crowded trade post-BHP’s takeover of OZ Minerals (OZL) hence we currently intend to be fussy when lifting our exposure to this Australian copper play. The stock and sector could be a short-term casualty of increased recession fears hence downside spikes shouldn’t be discounted.
- We are looking to increase our 4% position up toward 5-6% into fresh 2023 lows, around 10% lower.
MM is a keen buyer of SFR into fresh 2023 lows
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