GLEN is our only commodity stock held in the International Portfolio and it would be a big call to shun the sector entirely. Our view towards GLEN however is similar to our current stance towards BHP. We are happy holders for now, however a pop on the upside would see us exit while a pullback would see us increase. To reiterate, we are medium term commodity bulls, just cautious short term given spikes higher across many of the raw materials that Glencore mine.
MM is a seller of further strength in GLEN towards ~550p or a buying ~440p
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