SYDNEY, Jan 29, 2026, 16:39 (AEDT) — Market closed.
BHP Group Ltd shares climbed 2.1% to A$51.65 in Sydney on Thursday, after fluctuating between A$49.92 and A$51.67 amid late-session volatility. The stock closed higher than Wednesday’s A$50.60 finish, on volume of roughly 9.9 million shares. (Investing)
The move followed a steep rise in copper prices, with the metal hitting record levels on both the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE), the key global benchmarks. LME three-month copper spiked to $13,967 a metric ton, Reuters said, driven by investors snapping up physical copper amid geopolitical tensions and a softer U.S. dollar. (Reuters)
Metals surged as the Australian market grappled with a hotter-than-expected inflation report, fueling ongoing rate-hike speculation before next week’s central bank meeting. The Australian Bureau of Statistics reported a 3.8% rise in CPI for the year ending December, while the trimmed mean — a core inflation measure excluding the largest price fluctuations — came in at 3.3%. (Australian Bureau of Statistics)
BHP is pushing deeper into copper, moving beyond its iron ore roots. In its half-year operational review, the miner raised its FY26 group copper production forecast following record output at Escondida and other sites. CEO Mike Henry stated BHP “delivered another half of very strong performance” across its copper and iron ore operations. (BHP)
Iron ore remains the primary cash driver, and the situation is far from settled. Last week, BHP signaled it might offer price concessions on certain iron ore deals during its yearly supply negotiations with China Mineral Resources Group. At the same time, the company raised the estimated cost of its Jansen Stage 1 potash project in Canada by roughly 20%, now pegged at $8.4 billion. (Reuters)
For the moment, copper carried the load. Major players like BHP usually serve as a quick, liquid stand-in for the commodity market when metals shift sharply.
Rate expectations continue to pull in the opposite direction. If the Reserve Bank turns more hawkish, it could tighten financial conditions and push the Australian dollar higher, cutting into local-currency revenues for exporters dealing in U.S. dollar markets.
However, this surge leaves BHP little margin for slip-ups. Should the metals rally stall or policy jitters resurface, macro funds are quick to cut exposure here.
Traders will be eyeing copper to see if it can maintain its gains in the next session, while iron ore prices face scrutiny as Chinese buyers hammer out term volume deals. The Australian dollar is also under the microscope.
BHP’s half-year results land on Feb. 17, with investors keen to hear about costs, capital expenditure, and the outlook for copper and potash growth. (BHP)
