MM has been holding copper and gold producer OZL since mid-2021 when the stock corrected 26%. One of our main reasons behind the purchase was the belief that global economic growth and the EV revolution would take the copper price up towards US500/lb which unfolded perfectly last night before the industrial metal reversed 5% lower. OZL has enjoyed the combined tailwind of rising copper and gold prices but its failure to even approach January’s almost $30 high – technically we now actually think the stock’s next 20% may be down i.e. if a stock cannot rally on good news it usually falls.
MM is considering switching OZL to Woolworths (WOW)
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