Last week, lithium and uranium names rallied aggressively, while copper, gold, and coal names played supporting roles. However, advances by iron ore stocks were a touch more muted as China supply/demand factors weighed on the sector, e.g. Fortescue (FMG) +8.6%, RIO Tinto (RIO) +4.1%, and BHP Group (BHP) +3%. However, we believe the bulk commodity stocks have shown their hand in the short term, and we expect further gains.
- We can see FMG testing the $19-20 area over the coming weeks, liking the miner ~$17 as a short-term buy, with good risk/reward.
MM is bullish towards FMG short-term
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