BHP has evolved into first and foremost a copper miner, well supported by iron ore and potash into the future. The stock still looks to have significant upside potential as investors scramble to gain exposure to copper. It would be easy to grab a profit with BHP set to break $60 for the first time today, but until we see signs that the copper euphoria is getting ahead of itself &/or could blow up, like iron ore did ~15 years ago, we believe its prudent to stay long, especially in a market that’s punishing losers and chasing winners.
- We can see BHP punching through $60 in the coming weeks with surprises likely on the upside – MM owns BHP in the Active Growth and Active Income portfolios.
MM remains long & bullish towards BHP around $60
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