Sydney, Feb 1, 2026, 16:54 AEDT — Market closed
- BHP shares ended Friday’s session lower in Australia, while the U.S.-listed ADR took a steeper dive
- Copper and precious metals slipped from record peaks late in the week, weighing on miners
- Attention shifts to commodity prices ahead of Monday’s open, with BHP’s half-year results due later in February
BHP shares closed Friday at A$50.57, slipping 1.8%. The miner’s New York-listed ADR, representing its shares, dropped 4.8% to $68.73.
The shift came following a late-week pullback in the metals complex. Gold, silver, and copper dropped on Friday as investors cashed in gains and the U.S. dollar firmed after Donald Trump named former Federal Reserve governor Kevin Warsh to head the Fed. “Precious metals have discovered gravity,” said independent analyst Ross Norman. Reuters
The January rally in miners has hinged heavily on rising metals prices, and that trade is getting crowded. For BHP, shifts in iron ore and copper prices rapidly affect earnings forecasts and dividend outlooks.
Australia’s markets took a hit on Friday as the materials selloff deepened. The S&P/ASX 200 slipped 0.65%, dragged lower by the materials sector, which tumbled 3.36%. Fortescue shares fell 2.7% amid the downturn.
Company updates remain scarce. BHP posted no new announcements on the Australian Securities Exchange from Jan. 26 through Feb. 1, according to the exchange’s filings page.
The most recent major company update arrived mid-January. On Jan. 20, BHP acknowledged it agreed to reduced prices on certain iron ore sales amid talks for a 2026 supply contract with China Mineral Resources Group. The miner also signaled a 20% rise in projected costs for its Jansen potash project in Canada.
The road ahead isn’t straightforward. Should the dollar continue to strengthen and metals slide further, miners risk falling sharply—particularly as liquidity thins out.
Monday’s session will test if copper’s decline extends and if iron ore can stay steady as Asia wakes up. Moves in U.S. rate bets might surface first in commodity prices, then ripple through BHP.
BHP is set to release its half-year results on Feb. 17, around 8:00 a.m. Melbourne time. Investors will focus on any updates regarding costs, pricing, and capital expenditure.
