Major copper and gold producer OZL has been grinding higher from its August low, it should be remembered that the stock turned higher around 5-weeks earlier than the underlying copper price. Hence MM wouldn’t vaguely be surprised to witness the same on the upside i.e. we can see OZL topping out before our $US500/lb target for copper which is around 10% above todays price for the industrial metal.
MM remains bullish and long OZL – but the advance is maturing
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