MM have previously written that we can see BHP trading in a range of $45-55 but considering China’s new position we now see risks of undershooting hence considering we already hold 6% of this portfolio in BHP, and we have a low cash position after buying WPL and TPG into weakness, we are likely to adopt a patient stance before increasing our position in BHP via a switch.
MM is considering increasing our BHP position around $44
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