Sandfire is an international copper mining company and is Australia’s largest pure play copper producer.
“I recommended Sandfire Resources (SFR) here 12 months ago because I expected a global shortage in copper, along with increasing demand in 2024, to put upwards pressure on the copper price and I expected levels closer to $11 later in the year,” Michael said.
“Despite hitting those levels in October, SFR now looks like it’s on the cusp of another strong rally.
“In early February, we had a breakout above the resistance line.
“General market weakness has seen it come back and consolidate near the old high, which is a good sign of strength.
“It also provides investors with another buying opportunity before it gets moving again. “Current levels are a buy and initial stops can be considered just under $10.50,” Michael said.
Sandfire Resources (SFR)
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