We exited SFR last week after panic buying for Cu before the introduction of tariffs drove prices in the US significantly higher than levels being traded in London. This is already starting to look like another great example of what happens when a crowded trade unfolds; SFR has already retraced 12% in just five days. We are bullish on Cu medium, but a decent pullback in the coming months could unfold quickly if economic concerns persist.
- We can see SFR falling back as far as $8-9 if calm returns to the Cu market, with or without tariffs.
MM is neutral towards SFR
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