The copper miner SFR inched up +0.3% on Monday, posting a fresh 10-week high in the process. Although it was not a significant advance on the day, considering our bullish outlook on copper, we do not anticipate taking a profit on our SFR position anytime soon. Over recent years, SFR has closely tracked the underlying copper price, although, as the chart below illustrates, it is leading the industrial metal slightly. SFR has retraced well over $2 three times in the last 18 months, hence we are not interested in increasing our exposure into new highs, but as we did in April we remain “buyers into dips”.
- We are looking for SFR to test $12 in the coming months, around 6% higher: we are long SFR in our Active Growth Portfolio.
MM is long and bullish SFR
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chart
Sandfire Resources (SFR) v Copper ($US/MT)
chart
Sandfire Resources (SFR) v Copper ($US/MT)
