MELBOURNE, May 19, 2026, 02:06 (AEST)
BHP Group’s Australian shares fell 2.8% to A$58.77 on Monday, giving back part of a copper-led rally that had lifted the miner to record levels only days ago. Rio Tinto and Fortescue also fell, leaving the selloff looking sector-wide rather than BHP-only. Google
That matters now because BHP had just cracked A$60 for the first time and reclaimed market leadership in Australia, helped by record copper prices and still-firm iron ore. Monday’s drop did not break that story, but it made the trade look less one-way. Market Index
The ASX cash market was shut overnight, not closed for a holiday break. Regular Tuesday trading is listed for Sydney from just before 10 a.m. to 4 p.m., so the next test comes in the local session. TradingHours
The S&P/ASX 200, Australia’s main share index, dropped 1.45% on Monday as industrials, gold and materials led the market lower. Falling stocks beat gainers by more than three to one in Sydney, while Brent crude traded above $111 a barrel, adding to inflation worries. Investing
The pressure came from offshore too. Reuters reported global shares slipped as Gulf drone attacks lifted oil prices and bond yields — the returns investors demand on government debt — with George Lagarias, chief economist at Forvis Mazars, saying: “Right now, markets are panicking as they are pricing the possibility that the Strait of Hormuz remains closed.” Reuters
BHP’s U.S.-listed stock was steadier in New York, trading at $84.42, up a fraction from the previous close, with the latest quoted trade at 15:50 UTC. That gave no sign of a fresh company-specific blow after the Australian close.
The last major BHP operating update is still supportive. In April, the miner beat third-quarter iron ore output estimates, said annual copper production would land in the upper half of guidance and concluded talks with China Mineral Resources Group, the state iron ore buyer known as CMRG. “Ending the CMRG dispute is a win that quietly de-risks the iron ore earnings base,” Josh Gilbert, market analyst at eToro, told Reuters. Reuters
Investors had been crowding into that wider metals theme. Reuters reported mining exchange-traded funds — pooled funds that trade like stocks — more than doubled assets to $87.4 billion by March 31; BlackRock portfolio manager Evy Hambro called it “the early stages of a commodity supercycle,” meaning a long upswing in raw-material demand, while Regal Partners’ Charlie Aitken said copper was “at the intersection of everything and critically undersupplied.” Reuters
The competitive backdrop is moving fast. Anglo American on Monday agreed to sell its Australian steelmaking coal mines to Dhilmar for up to $3.88 billion, part of a plan to exit coal and simplify ahead of a planned copper-focused merger with Teck Resources. That keeps attention on how BHP, Rio and other large miners position portfolios around copper while still relying on iron ore cash flow. Reuters
But the downside case is plain enough. If oil stays high, rates stay under pressure and copper gives back more of its recent gain, BHP’s valuation could lose support just as investors reprice miners that have run hard. A weaker China steel market would hit from the other side, through iron ore.
The coming sessions will test whether buyers see Monday’s move as a reset or the start of a deeper unwind. BHP also has a leadership change ahead: Brandon Craig is due to become chief executive on July 1, with Chair Ross McEwan saying Craig would help “advance the company’s unrivalled pipeline of growth options.” Bhp
