In S32’s September quarter, aluminium and copper numbers were better than expected, but alumina missed. Importantly, FY25 guidance was unchanged. From a short-term perspective S32 is neutral as it hovers in the middle of 2024’s range.
- We still like S32 around $3.50, but it will remain hostage to China sentiment – MM is long S32 in our Active Growth Portfolio.
We may sell S32 to reduce exposure in resources
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