On Monday, S32 was the second-best performer in the ASX200, surging +4.6% following higher base metal prices. MM has been watching S32 carefully through its decline, looking for an optimum entry-level; we finally pressed the “Buy Button” earlier this month, already sitting on an ~8% gain. If we are correct and China’s economy is basing, and the global economy will continue to prove resilient, S32 will be very well positioned moving through 2024/5.
- We aren’t planning to take profit from our S32 position in the near future – MM is long S32 in our Active Growth Portfolio.
MM remains long and bullish toward S32
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