THE GIST
BHP just got a copper-colored glow-up.
The world's biggest miner still digs plenty of iron ore, but investors are now looking at a company increasingly powered by the metal behind AI, electrification and the grid buildout.
WHAT HAPPENED
BHP reported a stronger full-year result for the year ended June 30 with copper overtaking iron ore as its biggest earnings driver for the first time.
Revenue rose 15% to $58.8 billion, while underlying EBITDA increased 27% to $32.9 billion. Net operating cash flow climbed 17% to $21.8 billion, and underlying profit jumped 30% to $13.2 billion, ahead of expectations.
Attributable profit rose 9% to $9.83 billion after exceptional items, including a previously announced $2.3 billion write-down on the Jansen potash project and costs tied to the Samarco dam failure.
Copper delivered record underlying EBITDA of $18.2 billion at a margin of about 70%, making it the largest contributor to group earnings. Iron ore remained highly profitable, with BHP's West Australian Iron Ore business achieving record production and shipments.
The miner produced about 2 million tonnes of copper for the second consecutive year, helped by operations including Escondida in Chile. Copper prices also did the heavy lifting, with realized prices rising sharply during the year.
BHP cut net debt to $8.7 billion and announced a final dividend of $0.99 a share. That lifted the full-year payout to $1.72 a share, the highest in four years and equal to a 72% payout ratio.
WHY IT MATTERS
This is the clearest sign yet that BHP's profit center is shifting from old China-growth plumbing to new electrification plumbing.
For years, BHP was largely an iron ore story. China built cities, steel demand boomed and Pilbara ore became a cash-printing machine. That machine is still running, but the story has changed. China's property sector is weaker, Beijing is trying to tighten control over iron ore procurement and investors are less willing to value miners on the assumption that steel demand can carry everything forever.
Copper gives BHP a better growth pitch.
The metal sits at the center of the market's favorite long-term themes: power grids, electric vehicles, data centers, AI infrastructure, renewable energy and industrial electrification. If the world wants more electricity moving through more wires to more machines, it needs more copper.
https://finance.yahoo.com/markets/commodities/articles/bhp-finds-metal-machine-153802766.html
Highlights
Corporate India broadly posted better-than-expected June-quarter earnings, with profit growth for Nifty 50 companies averaging a 10-quarter high of 18%, reinforcing expectations of sustained growth despite margin pressures, five brokerages said.
Profit and revenue growth was robust across sectors among the large-, mid- and small-caps in a quarter that Motilal Oswal described as “picture perfect”, with oil marketing firms being the sole weak spot in the wake of the uncertainty in the Middle East.
Nineteen sectors beat estimates and the upgrade-to-downgrade ratio improved to 1.5, according to Motilal Oswal, implying that 15 companies were upgraded for every 10 downgrades, signalling a broad-based improving profit outlook for the rest of the fiscal year.
Festive demand, GST-related consumption support, credit expansion and investment activity are key factors expected to underpin fiscal 2027 earnings, the brokerages said.
SECTOR WINS
Large-cap firms such as Hindalco, Reliance Industries, JSW Steel, ONGC and Bharti Airtel led the earnings beat on the Nifty 50 , analysts said.
Lenders benefited from faster loan growth, low credit costs and operating leverage, according to Jefferies. Non-bank lenders, meanwhile, saw robust growth in assets under management and broadly benign asset quality.
Metals gained from improved pricing, the brokerage said, adding that retail, jewellery, paints, selected internet companies and consumer staples reflected resilient demand, premiumisation and, in some cases, price-led growth.
OIL WEAKNESS, MARGIN PRESSURE
Analysts’ upbeat sentiment excluded oil marketing companies, which reported sharp first-quarter losses. Elevated crude prices overwhelmed strong refining margins, leaving earnings highly sensitive to fuel-price pass-through, inventory effects and crude volatility in the coming quarters.
Brokerages also flagged margin pressure across sectors as higher prices for metals, crude derivatives, palm oil, freight and wage costs weighed on profitability. Some of the sectors affected include autos, consumer goods and logistics.
IT services faced AI-linked pricing pressure, while lenders saw compression in net interest margins.
Published on August 18, 2026
Declarations by Iran and the U.S. earlier this week make the prospect of peace in the Middle East even more distant, driving crude oil prices higher. Meanwhile, the diesel crack spread in the U.S. topped $100 per barrel for the first time in history.
At the time of writing, Brent crude was trading at $91.33 per barrel, with West Texas Intermediate at $85.08 per barrel, after Iran said it would adopt a “fully offensive” strategy in the war with the United States, as negotiations have consistently failed to achieve an end to the hostilities.
The statement followed a refusal by the United States on Monday to extend a ceasefire that was agreed in June but did not last even a full month. “Iranian entities must be prepared to escalate tensions in the Strait of Hormuz and wider region, as Iran will be ready to make decisions and take action on difficult decisions,” an unnamed senior Tehran official told Reuters.
President Trump, meanwhile, threatened to bomb Gulf ally Oman if it finalized its deal with Iran for the joint management of the Strait of Hormuz, adding further uncertainty to an already uncertain situation.
While the rhetoric between the U.S. and Iran hardens, the crack spread for diesel in U.S. refineries surged above $100 per barrel illustrating a deepening supply crunch for the fuel resulting from the Middle Eastern war. The crunch is global, with the International Energy Agency reporting earlier this month that global refinery run rates stood at 80.9 million barrels daily, down by 5 million bpd on the year.
Diesel production as been hit especially hard as refiners ramped up gasoline and jet fuel production earlier in the summer in response to peak travel season. Yet the crunch was made a lot worse by Ukrainian drone attacks on Russian refineries as the country is a top-three exporter of fuels. In response to the attacks that caused fuel shortages, Russia banned diesel exports until the end of the year.
By Irina Slav for Oilprice.com
Key Takeaways
Russia’s Far East ESPO Blend crude for October delivery to China is trading at premiums of up to $1 a barrel to ICE Brent, supported by strong Chinese demand and uncertainty over oil supplies from the Middle East and Iran, four traders said.
Asian buyers are seeking alternatives to Middle Eastern crude amid concerns that shipments through the Strait of Hormuz will remain disrupted, the traders said.
Oil prices rose on Monday as diplomatic efforts to resolve the Middle East conflict showed little progress, although the absence of major supply disruptions limited gains.
“Not sure how long the Mideast crisis going to last and how much Iran oil will ship out, so Russian supply is the most reliable one,” one of the traders said.
ESPO Blend cargoes for October delivery have traded actively, with nearly all volumes sold to buyers at around a $1-a-barrel premium to ICE Brent on a delivered basis into Chinese ports, the traders said.
That compares with September-delivery cargoes, which traded from a $1-a-barrel discount to parity with ICE Brent last month. The last time ESPO Blend traded at a premium to Brent was in June.
Strong demand from Chinese refiners has sidelined another major buyer of Russian oil, India, two of the traders said. Indian refiners were unable to secure October ESPO allocations because Chinese buyers snapped up all available cargoes, they added.
Both China’s independent refiners and major state-owned oil companies have been active buyers of ESPO Blend cargoes, traders said.
https://chinaglobalsouth.com/2026/08/18/russia-espo-blend-crude-china-october-demand/
Plans for Mary Ann: At the Mary Ann site, Disa Tech plans to process approximately 1,656 cubic meters of AUM waste, with about 1,839 tons of fines concentrates (material containing the concentrated uranium and thorium) resulting from HPSA processing. The company also plans to establish a radiologically restricted area that will include the HPSA treatment equipment, a fines concentrates storage area, the Mary Ann AUM waste pile, and a crushed rock stockpile.
Disa Tech describes its HPSA technology as “a patented, modular mineral liberation platform that uses high-velocity slurry collisions to selectively separate target minerals from host material.”
Before the HPSA equipment is used, a rock crusher will pre-crush all or part of the rock pile. As noted in the NRC’s EA/FONSI, Disa plans to install air monitoring equipment, use water as a dust suppressant, and construct secondary containment structures to ensure that any spilled water is contained within the restricted area. The HPSA process itself will require the use of 5,000 gallons of water per day, as well as about 276 kilograms of an anionic, polyacrylamide flocculant.
The fines concentrates will be stored temporarily in the restricted area. The company expects that one truckload of fines concentrates containers will be transported off-site every day to a permitted facility, such as Disa’s planned storage facility in Naturita, Colo.
Disa Uranium: To carry out its HPSA work and to “recover and produce domestic uranium and remediate the nation’s legacy uranium sites,” Disa Tech has launched subsidiary Disa Uranium Corp., headquartered in Casper, Wyo. The new company has acquired IsoEnergy’s portfolio of permitted, past-producing uranium mines and projects in Utah.
Disa Uranium CEO Greyson Buckingham stressed the company’s goal of rebuilding a secure domestic fuel supply. “It starts with our first priority: cleaning up the thousands of abandoned uranium mine sites across the West that no one else has been positioned to address, and recovering the uranium and vanadium held in that waste,” he said.
Electra refinery facility, Temiskaming Shores, Ont. Credit: Electra Battery Materials
Electra Battery Materials (TSXV: ELBM) released a construction update on its Ontario battery materials refinery project, in Temiskaming Shores, Ont. The company says the project remains on track with the company’s new chief financial officer set to take over at the end of August.
In a news release, Electra says Kilmarnock Enterprises has completed site mobilization, establishing an onsite fabrication facility and begun removing old piping and compressed air equipment to prepare for new construction and equipment installation. WB Melback, who Electra signed a $25-million dollar agreement with in May, is installing concrete piers, pump bases and steel support for upcoming pipe installation.
The company also said major design deliverables have been completed, including arrangement drawings for refinery areas and the first and second releases of piping isometrics.
“Engineering is substantially complete; several critical construction agreements are now being executed, and our focus is on delivering the project schedule,” said Paolo Toscano, Electra’s vice-president of projects and engineering. “Engineering is substantially complete; several critical construction agreements are now being executed, and our focus is on delivering the project schedule.”
Select commissioning activities are expected to begin at the end of 2026, with mechanical completion targeted for the mid-2027. Full commercial production is planned for Q4 of 2027.
Copper's physical market is showing signs of an increasingly severe supply squeeze even as mining equities remain cautious, according to RBC Capital Markets.
Spot copper advanced 4.3% to US$6.73/lb over the week while copper equities fell 2.6%, widening the disconnect between the commodity and producers.
RBC said the LME spot-to-3-month futures spread reached US$0.30/lb, the steepest premium since the 2021 squeeze that prompted emergency exchange intervention.
Supply disruptions have continued to accumulate. A boiler failure affected Indonesia's PT Smelting Gresik facility, which processes Grasberg concentrate, while Antofagasta cut 2026 production guidance to 625,000-655,000 tonnes from 650,000-700,000 tonnes following storms that halted Los Pelambres.
Furthermore, Codelco has also abandoned its plan to produce 1.34 million tonnes this year.
RBC said the supply outlook was deteriorating simultaneously across major copper-producing regions, although Chinese demand remains an important counterweight. China's July unwrought copper imports fell 11.5% year-on-year to 425,000 tonnes, while industrial production growth slowed to 4.5% from 5.3%.
Mining equities appear to be pricing in considerably lower copper levels than spot. RBC's modelling implies copper prices of US$5.62/lb for First Quantum, US$5.60 for Freeport, US$5.21 for Capstone, US$5.20 for Lundin Mining, US$4.53 for Hudbay and US$3.83 for Ivanhoe Mines.
RBC forecasts copper at US$5.83/lb in 2026 and US$6.00/lb from 2027-2029, with a long-term assumption of US$5.00/lb.
https://uk.finance.yahoo.com/news/copper-supply-squeeze-intensifies-equities-143000380.html
State-owned Hindustan Copper Ltd (HCL) on Tuesday said it is planning capital investment of over ₹7,000 crore over the next five to six years, as part of an expansion drive that includes exploration, mine revivals and strategic partnerships.
In a regulatory filing, the company said it has taken several strategic initiatives in the copper and critical minerals segment, and has lined up capital investment of over ₹7,000 crore planned in the next 56 years.
The development assumes significance in the wake of the country's rising copper demand, driven by infrastructure expansion, renewable energy, electric mobility and other clean-energy applications.
The company, in a regulatory filing, said it has added 135.52 million tonnes of copper ore reserves and resources in the past three years, underlining a steady improvement in its resource base.
HCL said it is actively pursuing the acquisition of new copper deposits both within India and overseas. A key focus of the plan is the reopening of closed mines across the country to ramp up domestic production, the firm added.
Hindustan Copper also announced a collaboration with CODELCO, Chile's state-owned copper company, aimed at capacity building, knowledge sharing and technical cooperation in mining, beneficiation and exploration.
Domestically, HCL has signed multiple memoranda of understanding with leading public sector undertakings like RITES, Indian Oil Corporation, Coal India, Oil India and GAIL,to expand its mining footprint and bolster India's mineral security.
The company is the sole vertically integrated producer of refined copper in the country, with capabilities spanning mining, ore beneficiation, smelting, refining and extrusion of copper rods.
HCL holds all the operating mining leases for copper ore in India and controls access to about 45 per cent of the nation's copper ore reserves and resources.
Hindustan Copper's combined resources and reserves stand at 767.37 million tonnes. The company's market capitalisation stood at ₹51,619 crore.
Establishing system-scale potential in tier-one mining jurisdictions relies on defining continuous geochemical footprint boundaries. Converting initial soil sampling grids into expanding, multi-property anomaly trends validate the underlying geological model, prompting land acquisitions and follow-up target refinement ahead of inaugural drill testing.
Coyote Copper Mines Inc. (TSX-Venture: CCMM) reported high-grade copper and molybdenum soil anomalies from its Phase 1 and Phase 2 geochemical programs at the Copper Springs project in Arizona’s Copper Triangle. The surface results validate a large-scale 3D geophysical inversion anomaly previously identified in May 2026, pointing to two distinct porphyry copper systems: the Central Zone and the Northwestern Area north of the historic Gibson Mine.
In response to the expanded geochemical footprint, Coyote staked an additional 2,000 acres to the southeast, bringing its total landholding to roughly 16,000 acres (65 km²) across 774 BLM claims.
CEO Daniel Weir said both copper and molybdenum values came in consistently higher than expected, outlining large anomalous zones that validate the geophysical donut feature announced in May. He noted the presence of greater than 1,000 ppm Cu in soils across several zones is highly significant in porphyry exploration. Weir also highlighted that a key operational advantage over nearby major deposits like Resolution, noting that mineralization at the Central Zone is exposed directly at surface rather than buried under deep cover, significantly lowering early-stage drilling costs and discovery timelines.
Coyote staked an additional 2,000 acres in response to the results, lifting total land position to 16,000 acres, and plans 880 additional soil samples in a Phase 3 program to refine drill targets.
CCMM rose 32.2% to $0.78 on the TSX Venture Exchange on strong volume of 272K. Phase 3 soils and ranked drill targets are the next catalysts.
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President Hakainde Hichilema’s re-election provides greater policy continuity for Zambia’s mining sector, but the focus is now shifting from investment commitments and macroeconomic stabilisation toward whether the country can translate its expanding copper project pipeline into sustained production growth.
Official results confirmed Hichilema’s second-term victory on August 18, with around 60% of the vote. For mining investors, the result reduces uncertainty around the policy direction that has underpinned Zambia’s recent push to attract capital into copper and other strategic minerals.
Zambia is targeting annual copper production of 3 million tonnes by 2031, nearly triple current output levels. The strategy depends on a combination of brownfield expansions, new mine developments and continued exploration, making execution over the next several years critical to determining whether the target can be achieved.
The main constraint is increasingly infrastructure rather than geological potential. Mining companies have highlighted electricity availability as one of the most important risks to future production growth, with industry estimates indicating that roughly 2,000 MW of additional power capacity will be required to support the planned expansion of the mining sector.
Climate risk adds further complexity. Zambia’s heavy dependence on hydropower leaves the system exposed to weak rainfall and reservoir inflows, while the developing 2026–27 El Niño raises the possibility of renewed pressure on electricity supply. Reuters notes that previous drought-related shortages constrained mining activity and remain an important risk to the country’s copper-growth outlook.
From a copper-market perspective, Hichilema’s second term therefore represents a transition from policy continuity to delivery. Zambia has attracted renewed mining investment and built a substantial project pipeline, but reaching the 3 million-tonne target will depend on whether new mines and expansions can be brought online alongside sufficient power, infrastructure and financing. The next phase of Zambia’s copper story will therefore be measured less by announced investment and more by actual tonnes produced.
[Vietnam] Construction steel prices held at around 531 USD/tonne EXW, while HRC prices remained at approximately 515–522 USD/tonne CFR Ho Chi Minh City. Although HRC offers from Indonesia have increased, persistent weakness in downstream demand continues to offset higher raw-material costs, keeping buyers cautious and limiting price upside. Meanwhile, Taiwan launched an anti-dumping investigation on cold-rolled stainless steel imports from Vietnam on August 14, covering 20 Vietnamese enterprises including Vnsteel, Posco VST, YGS Vina and Nam Thuan Phat, with the applicants alleging a dumping margin of up to 31.36%. The latest investigation, together with Turkey’s anti-dumping measures, adds to growing trade-remedy pressure on Vietnamese steel exporters and could further constrain overseas sales, shifting greater attention toward the domestic market. Domestic steel demand is expected to benefit from accelerating urbanisation, infrastructure development and project-linked sales, providing support for construction steel consumption.
The Steel Ministry has introduced melt-and-pour clause in the Domestically Manufactured Iron & Steel Products Policy. This tightens the regime to ensure local procurement by suppliers to government tenders. A notification dated earlier this month mandated melt-and-pour in flat-rolled products of iron or non-alloy steel, bars and rods, hot-rolled, in irregularly wound coils, of iron or non-alloy steel, and electrical steel and other articles of iron or steel among others.
A melt and pour mandate ensures the steel being supplied is compliant with an incentives programme under which it is being procured. The guardrail can specify countries of origin to prevent circumventing import barriers.
Sector watchers say this is beneficial for domestic steel makers who stand to gain significantly from the tighter localisation mandate. Micro, small, and medium enterprise suppliers may face constrained margins due to higher demand for local steel and curbs on imports.
“The melt and pour mandate will curb instances of importing steel by traders and then selling it to suppliers in government procurement,” a steel industry representative told ET.
A 20% purchase preference is granted to domestic suppliers of capital goods used in steel manufacturing under the Domestically Manufactured Iron & Steel Products Policy. It applies to contracts exceeding Rs 5 lakh for iron and steel products.
Further, Global Tender Enquiries are barred up to Rs 200 crore for iron, steel, and capital goods procurements without requisite approvals.
Under the revised mandate in force from August 7, most steel products in the list of iron and steel products which can only be procured from domestic sources. Railway coaches, wagons, parts of locomotives, and steel tubes and pipes are among the commodities that continue to be governed under the 50% Domestic Value Addition mandate.
This exemption has irked seamless pipes manufacturers that seek the melt and pour mandate extended to their products as well.
During the survey period (August 11–August 17), the operating rate of regional rebar rolling lines was flat, while the capacity utilization rate edged up. Specifically, steel mill production diverged during the period. In Hunan, a few steel mills made minor production cuts due to poor profitability; in Henan, some steel mills shifted hot metal back to construction steel, lifting the capacity utilization rate slightly. As a result, supply increased marginally during the period. In terms of mill inventory, it turned from a decline to an increase, mainly because shipments weakened in Henan and Hunan due to rainy weather. Rebar supply was expected to decline in the next period, mainly because a few steel mills in Henan had blast furnace production resumption plans, with some hot metal diverted to HRC lines, lowering the rebar capacity utilization rate.
During the survey period (August 11–August 17), both the operating rate and the capacity utilization rate of wire rod in Central China were stable. During the period, steel mill profitability was poor, and wire rod rolling lines that had originally planned to resume production remained shut for maintenance, keeping overall supply temporarily stable. In terms of mill inventory, futures improved slightly this week, market sentiment recovered somewhat, steel mill shipments were moderate, and mill inventory continued to decline, easing inventory pressure slightly. Against the backdrop of weak demand in the off-season, wire rod production at steel mills was expected to remain stable in the next period.
