This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Trade Parameters
Observations – For
Observations – Against
Bullish breakout supported by better than expected China GDP data that has sent Copper prices to multi-month highs. Copper also helped by mine strike threats for peer Antofagasta. Other metals also strong (aluminium, iron ore). Oil prices holding rebound highs. Weaker USD (lower chance of a Sept Fed rate hike after poor US data) helping the dollar-denominated commodity space, even safehaven precious metals like Gold.
Consensus is bullish with potential to become even more so should Neutrals upgrade on the share price breakout. The most recent broker updates are the most bullish. Note over 75% of broker targets suggest upside from current levels and the July average target of broker updates is 367p – well beyond our trade objective and 2017 highs.
Next Event: H1 Production, 27 July; H1 Financial Results, 10 Aug
Latest Broker 12-Month Consensus: 59% Buy, 35% Hold, 7% Sell (full breakdown on request)
Source: DowJones Newswires, Reuters News, Bloomberg or Company Press releases
| Share | 1wk | 1m | 3m | 6m | 1yr | 2yr | 3yr | 4yr | 5yr |
| Perf % | 8.7 | 12.7 | 4.5 | 2.0 | 73.1 | 30.0 | -6.9 | 24.0 | 2.0 |
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