EVN is a gold and copper miner with the industrial metal probably cushioning its pullback in recent days, with the likes of Sandfire (SFR) down less than 4% on Monday – we believe fund managers are more likely to buy the dip in copper stocks. The miner delivered a strong quarterly last month, which is a tailwind for the stock, but it only hedges a small portion of its gold production, making the miner very leveraged to movement in the precious metal, in both directions.
- We can see EVN bouncing this morning, but we wouldn’t chase bounces at this stage.
MM is bullish towards EVN in the $12-13 area
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