Sydney, Feb 1, 2026, 09:32 AEDT — Market closed.
- BHP dropped roughly 1.8% on Friday, relinquishing some of its late-January miner gains.
- Metals prices took a sharp turn as the month closed, driven by profit-taking and a stronger U.S. dollar regaining attention.
- Investors are eyeing Tuesday’s RBA decision, followed by BHP’s half-year results due later in February.
BHP Group Ltd shares ended the week down, closing at A$50.57 on Friday after fluctuating between A$50.12 and A$52.09 during the day. The latest dip put the stock roughly 1.8% below Thursday’s close, with the Australian market closed for the weekend.
The timing is key. BHP recently retook the lead as Australia’s largest listed company by market cap, but Friday’s dip came as miners saw profit-taking after a strong January. “The earnings season will be central in determining whether recent gains are justified at the stock level,” said Marc Jocum, senior product and investment strategist at Global X ETFs, as traders turned their attention to the Reserve Bank of Australia meeting on Tuesday. Indo Premier
BHP’s weight alone can move the index, and it’s currently benefiting from a widespread rally in metals. The key question: will this momentum carry through February, or sputter amid a volatile earnings season?
Outside Australia, metals took a sharp dive heading into month-end. Gold, silver, and copper all dropped on Friday after reaching record peaks earlier this week, as investors cashed out and enthusiasm for aggressive U.S. rate cuts faded. “Generalist investors… are taking profits,” said Panmure Liberum analyst Tom Price, noting the impact of President Donald Trump naming former Federal Reserve Governor Kevin Warsh to lead the Fed. Reuters
Gold’s decline accelerated later in the session. Spot gold dropped 9.5% in late New York trading, with silver plunging 27.7%, following record highs just the day before. Suki Cooper, an analyst at Standard Chartered, pointed to a stronger dollar and changing rate expectations as major factors. Nicky Shiels from MKS PAMP described January as “the most volatile month in precious metals history.” Reuters
China’s latest demand data hit the bulk-and-metals markets hard. The official manufacturing PMI slipped to 49.3 in January, down from 50.1 in December, signaling contraction. Nomura’s Ting Lu said “Beijing will have to do much more” to revive growth in the coming months. Traders are now focused on the private-sector PMI set for release on Feb. 2. Reuters
BHP is gearing up to release its half-year results for the period ending Dec. 31 on Feb. 17, per its financial calendar. Investors will be watching closely for updates on guidance and cash returns following a turbulent stretch in commodity prices.
There’s a straightforward risk here: if the dollar continues its rise and the selloff in metals drags on, miners could take another hit even without new developments from companies. Worries over demand in China could add pressure, especially if steel-related indicators stay soft.
Investors will eye metals for signs of stability in Asia once trading restarts Monday, while miners continue to shed month-end holdings. The focus then shifts to Tuesday’s RBA decision, where rate moves and the currency will directly influence risk sentiment.
BHP’s key date is Feb. 17. That’s when the company will release its numbers, giving the market a chance to judge whether A$50 remains a bargain or feels risky.
