OZL rallied 2.8% yesterday even after copper had struggled in the US, the EVN-Glencore deal looks to have lifted investors appetite for arguably Australia’s premier copper stock – MM is long OZL showing a paper profit of over 20%, we have total confidence in the quality of the business but as we’ve mentioned previously the stock does feel close to fully valued in the $26-$30 region.
MM likes OZL initially targeting the $28 area
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