The Materials Index closed up +0.96% on Thursday, it has remained subdued primarily on China’s economic worries, but with iron ore forging above $US120/mt, we remain increasingly bullish towards the world’s 2nd largest economy and, by definition, the Australian miners – nothing new there. The move out of Beijing overnight, plus their clear intentions moving forward, could be the perfect catalyst to send this index toward fresh 2023 highs.
- We are initially targeting the 20,000 area for the Materials Index, around 15% higher.
MM remains bullish on the ASX Materials Sector
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