Refer to a recent newspaper article on Ray Chantry and Baillieu's recommendation on MRX.
Chantry's pick of the metals is copper although he expects all to move higher.
Urging clients to get overweight to the resources sector, Chantry tipped copper would move from the current spot price of US78¢ a pound to US82¢ for calendar 2004.
Copper demand in China, already the biggest consumer, jumped by 26 per cent in the first quarter this year after climbing by 17 per cent in calendar 2002. What's more, auto production doubled in the first four months of this year. "Remember a Chinese car not only contains 23 Chinese but 50 pounds of copper and numerous cigarettes," Chantry suggested.
All add's up!
This one is only just gaining some real legs says the charts.
MRX Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
