FMG made fresh 2024 lows yesterday, just as the ASX200 posted fresh all-time highs. We’ve discussed several times recently the lingering concerns around China’s economy at a time when global supply is ticking higher, a negative combination for prices. Still, we do like the risk/reward towards FMG around $25 for investors who believe, like MM, that Beijing can reinvigorate the world’s second-largest economy.
- We already carry enough iron ore exposure in our Active Growth Portfolio through BHP Group (BHP) and Mineral Resources (MIN), but FMG is interesting at current levels.
MM is cautiously bullish towards FMG ~$25
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