BHP's 1Q Update a Mix of Good and Bad News on Copper
Dow Jones10-20
2354 GMT - There was good and bad news about BHP Group's copper business in 1Q, according to RBC Capital Markets. BHP reported quarterly copper output of 400,700 tons. That was 6% below consensus hopes, RBC says. However, pricing was stronger than expected. BHP said its copper fetched an average realized price of US$7.01/lb in the quarter. That was 8% higher than RBC expected. "Overall, a strong quarter for BHP's bulk commodities while consensus appears to have underestimated the pace of the copper grade decline at Escondida and Pampa Norte in Chile," analyst James Redfern says. RBC had a sector perform call and target price of 60.00 Australian dollars on BHP ahead of the update. BHP is down 2.2% at A$59.13 in early trade.
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