ILU became a frustrating “recovery play” for MM after disappointing updates around its Eneabba rare earth project and ongoing challenging conditions for Mineral Sands as the Chinese economy struggled through 2024. While ILU has only a loose correlation to Chinese equities, it is leveraged to its economy, and this is where we can see surprises on the upside—remember equity markets lead, suggesting we should see an improvement in the world’s second-largest economy this year. We would be looking to buy ILU if we weren’t already long.
- We can see ILU initially testing $5.50 in the coming months: MM is long ILU in its Active Growth Portfolio.
MM is long and cautiously bullish ILU
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Iluka Resources (ILU) v Hang Seng China Enterprise Index
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Iluka Resources (ILU) v Hang Seng China Enterprise Index
