The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0251 GMT - In choosing its next CEO, BHP has kept to its usual form: picking a solid operator from within its own ranks to succeed its CEO after a roughly six-year tenure, Citi analyst Ephrem Ravi says in a note. In doing so, it has demonstrated why it is a "long term hold" stock, Ravi says. He says that while BHP tends to underperform in bull markets, it typically significantly outperforms in bear markets and throughout commodity cycles. "Stability of strategy, conservativeness in capital allocation, relentless focus on building skills and capabilities and building big-ticket (but long-term) value creation options are what distinguishes BHP from other miners over the last two decades," Ravi says. BHP shares are down 3.1% at A$48.53. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0124 GMT - Aluminum is flat in early Asian trading, with the three-month contract on the London Metal Exchange last at $3,400.00 a metric ton. The aluminum market remains unsettled by the Middle East conflict, with traders still assessing the impact on supply flows and demand prospects, ANZ Research analysts say in a note. Some producers are scaling back operations or suspending exports as the Strait of Hormuz remains effectively closed to shipping. "Most aluminum smelters only hold a few weeks' supply of alumina, which could further tighten availability," they add. Meanwhile, as buyers scramble to secure supply, stockpiles in China continue to build, tempering price gains, ANZ adds. (jason.chau@wsj.com)
0059 GMT - Miner 29Metals gains a bull in Morgans, which initiates coverage of the stock with a buy rating. The broker says it views 29Metals "as a compelling turnaround and growth story leveraged to what we see as a strong long-term copper market." At the Golden Grove mine, Morgans expect a restart of Xantho Extended and the development of Gossan Valley improve operational flexibility. At Capricorn Copper, progress toward a restart provides points to medium-term production growth that could diversify earnings, Morgans says. It puts a A$0.54/share target on the stock. Shares are down 9.5% at A$0.335. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0038 GMT - BHP's appointment of Brandon Craig as CEO is low risk and appears to broadly favor the status quo, say CreditSights analysts Wen Li and Shreyas Nampoothiri. "It supports the base case of consistent operational performance and capital discipline, but leaves open the key debate around capital allocation, specifically whether BHP will maintain its conservative stance or eventually pursue larger, more transformative M&A, in line with peers," the analysts say. For now, they expect a continued focus on organic growth over a step-up in M&A activity. BHP is down 2.9% at A$48.62. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2319 GMT - Barrenjoey takes a more bullish view of coal miner New Hope's long-term dividend payout ratio. New Hope had A$620 million in cash and managed investment funds at the end of January. It also holds some A$300 million of convertible notes on its balance sheet. Barrenjoey says its cash pile should be enough to fund capex and debt repayments. "Once the capex program is complete and the put option is behind it, we suspect New Hope will look to reduce its cash balance, implying a step-up in returns," says analyst Glyn Lawcock. "As such we increase our long-term payout ratio to 80% (from 50%)." It expects New Hope will prioritize dividends over share buybacks. (david.winning@wsj.com; @dwinningWSJ)
2235 GMT - Macquarie thinks fading fear about Iran and oil prices, combined with generally strong global data, should support improving equity sentiment. It says peak panic related to oil prices could have been on March 9. "For exposure to a relief rally, we favor stocks that fell more than 10% since Operation Fury began, but had EPS upgrades coming out of results," Macquarie says. It promotes Sandfire Resources, ALS, James Hardie, Hub24, Downer EDI, Brambles, Qantas and Charter Hall as ideas. (david.winning@wsj.com; @dwinningWSJ)
1756 GMT - FMC has received interest from several parties as it explores strategic alternatives, including a merger or possible sale of the agricultural sciences company. "I'd say there is five to 10 parties which are interested in the process at different level in different manners," CEO Pierre Brondeau says at the JPMorgan Industrials Conference. Some of the interest has come from private equity, Brondeau says, and most of the interest is focused around the opportunities of FMC's pipeline of new products rather than concerns about the expiration of the patent for its Rynaxypyr product. The strategic options constitute a plan B for the company, Brondeau says, with plan A being to remain independent and continue restructuring and paying down debt.(elias.schisgall@wsj.com)
1729 GMT - The agricultural chemical industry could be hit by an extended war in Iran, FMC Chief Executive Pierre Brondeau says at the JPMorgan Industrials Conference. While the Middle East conflict hasn't yet hit FMC in a significant way, a drawn-out war would likely impact the sector through costs of raw materials and energy, as well as challenges to logistics. "If this conflict is over in three weeks, it'll be a blip. We will not see much of an impact," he says. "If it lasts for six months, yes, we will see impact." He adds that FMC's exposure to the war is roughly the same as other agrochemical businesses. (elias.schisgall@wsj.com)
1410 GMT - Incoming changes to European emissions regulations will cause a permanent constraint for energy-intensive European companies, Jefferies analysts say. Executives across Europe don't expect the Emissions Trading Scheme to be repealed despite political pressure from some EU member states, they write. One anticipated change is a reduction in free allowances for carbon usage. In response, companies are buying up carbon allowances and preparing for higher carbon prices. Companies like steelmaker Outokumpu and cement producer Holcim will benefit given their carbon reduction efforts. However, airlines--including Air France-KLM--will suffer as they lose free carbon allowances and pay more for emissions than non-European peers, the analysts say. (josephmichael.stonor@wsj.com)
1331 GMT - European chemicals companies will benefit from a disruption to the supply of nitrogen caused by the effective closure of the Strait of Hormuz, Jefferies analysts write. A critical share of nitrogen can't be exported at a time the commodity is especially needed for fertilizers, the analysts say. The shock isn't properly reflected in chemical companies' valuations, they add. The dynamic benefits Yara--a producer of nitrogen-containing ammonia--as the nitrogen shortage allows it to expand margins. Moves in potash--a substitute to nitrogen-based fertilizers--are less significant, though K+S earnings will still see a boost, the analysts say. Shares in Yara have risen 13% over the past five trading days, while KS has gained 16% over the same period. (josephmichael.stonor@wsj.com)
0834 GMT - BHP's new CEO Brandon Craig should have a smooth start given his 25 years of experience at the miner, Hargreaves Lansdown's Derren Nathan writes. He will also have a tailwind from a rebound in iron ore prices and a strong copper outlook, he adds. Elevated oil prices for a prolonged period could hit industrial demand for metals, he says. Despite this, the Melbourne-based group's strong balance sheet and cash generation should keep its plans on track even if there is some economic downturn, Nathan adds. Shares in Australia closed 0.7% higher at A$50.09.(adam.whittaker@wsj.com)
(END) Dow Jones Newswires
March 19, 2026 04:20 ET (08:20 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
