Following coppers strong advance on Wednesday night OZL embraced the bullish lead rallying 3.6% yesterday, the stocks slowly starting to lag the underlying industrial metal but if we are correct and $US500/lb is looming into Christmas a pop by this quality operator towards $28 still feels a strong possibility.
However remember In our recent webinar “Key commodities – where to from here” analyst Peter O’Connor likes OZL as a quality business but he didn’t believe its was cheap around current levels. To a degree we share this view and will seriously consider taking profit from our position if / when we see fresh 2021 highs.
MM remains long and bullish OZL
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