MELBOURNE, February 15, 2026, 17:05 AEDT — Market closed
- BHP shares ended Friday down 1.84% at A$51.13, while the U.S.-listed stock last rose 0.85% to $73.38.
- The miner reports half-year results on Feb. 17, with dividends and cost guidance in focus.
- Iron ore settled at $99.66 a tonne on Feb. 13, while copper sits near record highs but inventories are building.
BHP Group Ltd shares (BHP.AX) finished Friday down 1.84% at A$51.13, heading into a results-heavy week for Australia’s biggest miners. Its U.S.-listed stock last traded at $73.38, up 0.85%. (BHP)
The next hard catalyst is BHP’s half-year results on Feb. 17, due about 8:00 a.m. Melbourne time, covering the six months to Dec. 31. Traders will be watching dividends, realised commodity prices and any shift in cost or spending guidance. (BHP)
Why it matters now: earnings season has been doing the heavy lifting for the local market, and miners have been part of that bid. The S&P/ASX 200 fell 1.4% on Friday but still logged its best week since late April, up 2.4%, as “earnings turning positive” helped after “a tough three years,” AMP chief economist Shane Oliver wrote. VanEck Australia’s Jamie Hannah put Friday’s pullback down to “profit-taking.” (Indo Premier)
Miners were a drag on Friday. A Reuters report said the sector snapped a four-day winning streak as iron ore and copper weakened, with BHP, Rio Tinto and Fortescue Metals all lower in trade. (Business Recorder)
Iron ore is the immediate swing factor for sentiment on the big diversified miners. Benchmark 62% iron ore futures ended at $99.66 a tonne on Feb. 13, down 0.71% on the day, according to Investing.com data. (Investing)
Copper is the other leg. A Reuters metals column flagged that the amount of copper held across the big three exchanges has moved above 1.1 million metric tons for the first time since early 2003, with global exchange inventory up about 300,000 tons since the start of January — a build that can clash with prices sitting near record highs. (Reuters)
For BHP, that split matters. Iron ore still anchors cash flow, while copper is where investors look for growth and long-run “energy transition” exposure.
Peers will also have their say later in the week and beyond. Rio Tinto is scheduled to announce its 2025 annual results on Feb. 19, while Fortescue is due to report half-year numbers on Feb. 25, according to the companies’ calendars. (Rio Tinto)
But the tape can turn quickly if commodity prices keep slipping, or if BHP’s numbers show weaker realised prices, higher costs or a smaller payout than investors have pencilled in. The downside case is simple: iron ore stays pinned below $100 and the copper rally runs into softer demand signals.
