Copper producer SFR is a stock we’ve discussed a few times over recent weeks after the industrial metals bullish breakout on the upside. The stock has more than doubled from its 2022 swing low after becoming the ASX’s go-to copper stock following BHP’s takeover of OZ Minerals (OZL). We intend to maintain a core copper exposure through 2024/5, but as we successfully executed over recent years, we may tweak our position into periods of excessive optimism/pessimism.
- We continue to like copper in the medium term, but we may trim our SFR position slightly above $9, in line with previous comments.
MM is bullish towards SFR through 2024
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