From a purely technical perspective coppers acceleration higher in 2021 implies higher prices later in the year i.e. a 25% rally in a couple of months is usually followed by some consolidation and then a continuation of the bullish trend.
MM remains bullish and long copper.
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MM is long copper in our Growth Portfolio through our preferred local play OZ Minerals (OZL), at this stage we are buyers of weakness but reticent to lose our positions into strength as it’s an ideal reflection of our macro reflation outlook.
MM remains long and bullish OZL.
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