Should we sell Sandfire Resources (SFR)?
We have been bullish on the copper (Cu) theme throughout 2024 with SFR up +47% year-to-date. This was Shawns No 1 pick at the start of the year, so he’s keen to lock some in! The stock has made fresh all-time highs in recent sessions, aided by the tailwind from China’s stimulus, but the highly correlated industrial metal has languished over 10% below its 2024 high, making it hard to imagine significantly more upside until Cu follows suit. We have a relatively large exposure here and may trim on risk/reward grounds; note we did not say sell all together.
- We are conscious that SFR has surged well ahead of the Cu price, and we are considering trimming our position into strength – MM is long SFR in our Active Growth Portfolio.
MM is bullish SFR medium-term
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