We continue to believe BHP and RIO are well positioned to benefit from higher Cu prices, EV Truck adoption (reduced fuel bills) and AI efficiencies, but as there are always two sides to a coin, we’re also conscious this view is a consensus one. Hence, we are likely to remain active around our exposures towards the miners, trimming strength so we have the capacity to buy bouts of weakness.
- We believe the tailwinds for BHP and RIO are real, but a fair bit is already priced in after the last 12-months advance.
MM is long and bullish towards BHP around $60
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