The leading copper miner rallied +4.2% on Monday to levels not seen since mid-June following the solid recovery in the underlying industrial metal. We remain bullish this quality miner initially targeting around 15% upside to fresh decade highs. We have a similar view here as towards PLS i.e. fresh 2021 highs before a “rest” will feel likely as we remember that resource stocks are cyclical / volatile across many timeframes.
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