2024-07-16 08:50:59 ET
Summary
- Global PMIs bottomed in October 2023 and a breakout in value stocks is confirming this.
- Glencore just bought a majority of Teck's profits for about 25% of the value of market value of the company.
- The steelmaking coal acquisition will boost profit margins in one of Glencore's core business segments.
- I see 30% upside for shares of Glencore over the next 4 quarters. The monthly chart confirms this.
Global Economic Recovery
Let us start with the quarterly chart of the iShares MSCI Global Select Metals and Mining Producers ETF ( PICK ):
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Glencore: Breakout Imminent