City File: RTZ

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The Independent Online
ANY fool knows that RTZ's profitability has some relation to the price of copper. Accordingly, the recent weakness in copper has been bad for RTZ and the shares have underperformed accordingly.

But Alan Richards at BZW reckons the copper price is going to recover, as the fall has more to do with futures trading than world demand. He has moved RTZ firmly on to his buy list. With about pounds 380m profits expected this year, RTZ's shares trade at less than 17 times earnings and look like a decent bet.