NEW YORK, March 27, 2026, 16:06 (EDT)
BHP Group’s U.S. shares tacked on 1.1% to reach $69.24 by 3:51 p.m. EDT Friday, sidestepping a broad selloff that dragged the S&P 500 down 1.6% and left the Nasdaq 2.1% lower as oil prices jumped on Middle East conflict fears. BHP edged ahead of Rio Tinto for the session. “Words alone aren’t cutting it right now,” Hargreaves Lansdown senior equity analyst Matt Britzman said, summing up sentiment. Reuters
This matters for BHP as it heads toward its next operating update, with investors weighing if recent disruptions are just temporary or hint at deeper issues. The company handed out its 73 U.S. cent interim dividend per share on Thursday. Its operational review—a snapshot of production—is coming up April 22.
Western Australia faces the immediate spotlight. Cyclone Narelle forced several Pilbara mining ports to close, Reuters said Thursday, yet Port Hedland—the top iron ore export terminal globally—remained operational.
So, traders saw a chance that BHP’s immediate downside might be capped. Back in February, Mike Henry pointed out that the Western Australia iron ore unit had delivered its best-ever first-half output and shipments. Copper, meanwhile, made up 51% of BHP’s first-half underlying EBITDA—a first, beating iron ore. Henry noted BHP had moved early to take advantage of a “strengthening copper market,” with plans underway for a sixth rail car dumper at Port Hedland, aiming to push volumes past 305 million metric tons. BHP
Copper remains a driver here. Shares got another push after Chile’s Codelco—the top global producer—said Friday that 2025 EBITDA jumped 23%. The miner is sticking to its 2026 output target, keeping copper front and center for the sector.
Trade flows are on the move. Reuters, citing senior analyst Lalit Ladkat of CRU, said this week that India’s iron ore imports should reach a seven-year high by the end of March, with JSW Steel playing a major role. In a rare move, a shipment of BHP’s Jimblebar fines is on its way to India, the result of discounts clearing material previously stuck in China.
Support for BHP may not hold up much longer. Brent crude jumped 4.2% on Friday, settling at $112.57 a barrel. High fuel costs or broader port shutdowns—factors that previously gave BHP an edge over the index—could quickly flip, turning into a drag on margins.
Investors are sticking with BHP for its dividends, copper exposure, and the expectation that Port Hedland shipments will continue. The real test lands April 22, when BHP drops its nine-month operational review through March 31.
