MELBOURNE, May 19, 2026, 02:06 (AEST)
BHP Group shares dropped 2.8% to A$58.77 on Monday in Australia, retracing some of the copper-fueled gains that recently pushed the miner to all-time highs. Rio Tinto and Fortescue shares also slipped. The move hit the sector, not just BHP.
BHP hit A$60 for the first time and took back the top spot in Australia, riding on record copper prices and iron ore staying solid. Monday’s drop didn’t change that, but it did make the trade look a bit less certain.
The ASX cash market stayed shut overnight, but it wasn’t a holiday. Tuesday’s normal open in Sydney is set a little before 10 a.m., with the session closing at 4 p.m., setting up the next check for the local market.
S&P/ASX 200 fell 1.45% on Monday, hit by losses in industrials, gold and materials. In Sydney, more than three times as many stocks dropped as rose. Brent crude stayed above $111 a barrel, stoking inflation fears.
Global shares slipped after Gulf drone attacks sent oil prices and bond yields higher, Reuters reported. George Lagarias, chief economist at Forvis Mazars, said, “Right now, markets are panicking as they are pricing the possibility that the Strait of Hormuz remains closed.” Reuters The offshore move added to the pressure.
BHP’s U.S. shares held mostly flat in New York trading, last quoted at $84.42, just above the prior close as of 15:50 UTC. The move didn’t point to any new news hitting after Australia’s market shut.
BHP’s last big operating update provided support for the stock. Back in April, the miner beat third-quarter iron ore output forecasts and said it expected annual copper production in the upper half of its range. BHP also finished talks with China Mineral Resources Group (CMRG), the government’s iron ore buyer. “Ending the CMRG dispute is a win that quietly de-risks the iron ore earnings base,” eToro market analyst Josh Gilbert said to Reuters. Reuters
The rush into metals has been clear, with mining ETFs more than doubling their assets to $87.4 billion as of March 31, Reuters said. BlackRock’s Evy Hambro described it as “the early stages of a commodity supercycle,” pointing to potential for a long demand run. Regal Partners’ Charlie Aitken said copper remains “at the intersection of everything and critically undersupplied.” Reuters
Competition in the sector is changing fast. Anglo American said Monday it will sell its Australian steelmaking coal mines to Dhilmar for as much as $3.88 billion. This deal is a step in its exit from coal and simplifies the business before a planned merger with Teck Resources focused on copper. The move keeps the market watching BHP, Rio and other major miners as they balance copper ambitions with steady iron ore cash.
BHP faces risks if oil prices hold up, rates keep rising and copper slips from its recent highs. Its shares could lose backing as investors rotate out of mining stocks that have rallied. On top of that, any fall in China’s steel market could weigh on iron ore.
Buyers will decide in the next few sessions if Monday’s rebound is just noise or the first step down. BHP faces a CEO switch as well, with Brandon Craig set to take over July 1. Chair Ross McEwan said Craig would move “advance the company’s unrivalled pipeline of growth options.” Bhp
