Whitehaven Coal was a standout performer on Monday driving +8.7% higher, taking to stock back towards its eight week high. WHC delivered a solid March quarter update, covered here, which showed the miner was on track to meet the upper half of it FY26 guidance. Similar to NHC, the miner is delivering operationally, and its performance will likely come down to the underlying coal price to determine if and how quickly WHC can trade above $10. In the case of WHC, its performance is more determined by the coking/met coal price, which is traditionally used to make steel, and while met coal is not an “AI commodity” in the way semiconductors or copper are, it remains a critical upstream input into the physical infrastructure required to build AI capacity at scale.
- We are initially targeting a break by Whitehaven back towards the $10.50-11 area – MM owns WHC in the Active Growth Portfolio.
MM is long and bullish on Whitehaven Coal around $8.90
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