Movement Alert｜BHP Billiton Overnight Decline 3.11%, first-quarter copper output drop weighs on sentiment

Market Focus10-20

On October 20, BHP Billiton fell 3.11% Overnight, trading at $80.7/share, with turnover of $1.7111 million.

The move followed the company’s operating update showing copper production for the quarter through September fell 19% year over year to 400,700 tons, pressuring sentiment toward a business that has become a central earnings and growth driver.

The company said the decline reflected planned grade decreases, severe weather in Chile, scheduled maintenance, safety stoppages, and a conveyor failure at Carrapateena. By contrast, iron ore output was steady at 66.5 million tons, with Western Australia Iron Ore setting mine and port records. Even so, weaker copper volumes appeared to outweigh support from resilient iron ore operations, especially after copper had accounted for 54% of group EBITDA in the latest fiscal results.

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