Sandfire has been a great illustration of the cyclical and volatile nature of commodity stocks having fallen more than 30% from its January high after getting too excited on the upside from a valuation perspective when it tested $22. However, its position as a pure copper play leaves it well positioned to make new highs through the year where we may consider trimming our position, being very overweight the industrial metal in our Active Growth portfolio through BHP, SFR and Evolution Mining (ASX:EVN).
- We can see SFR retesting the $22 through 2026 – MM owns SFR in the Active Growth portfolio.
MM remains long & bullish towards SFR around $18.50
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