Copper miner SFR resides in both our Active Growth and Emerging Companies Portfolio; we continue to believe copper is a commodity where the supply/demand picture looks good over the coming 3-4 years. However, we are considering taking some profit unless Xi Jinping can regain the market’s confidence in both its economy and equity market.
- We like SFR and the copper space, but nearer $7.50, it feels a touch rich while Beijing fails to turn its economy around, i.e. China uses about 50% of global copper.
MM is long and cautiously bullish towards SFR medium-term
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