Sandfire (SFR) is the largest pure copper (Cu) play on the ASX, although BHP has arguably been more correlated to the industrial metal. There are two points of note from the impressive chart below:
- The trend is bullish and Sandfire looks on track to retest, and probably break, $22 in the coming weeks/months – around +10-15% higher.
- Sandfire is more than capable of +30% corrections having experienced three in the last four years.
At MM, we are Cu bulls over the coming years with BHP Group (ASX: BHP) the largest position in our Active Growth and Income Portfolios. If/when we decide to trim this exposure to Cu, Sandfire is the most likely vehicle, and hopefully well above $22!
- We can see Sandfire testing/breaking $22 in the coming weeks/months.
MM is bullish towards SFR around $20
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