RIO has noticeably underperformed BHP in 2026, not helped by its recent 20% pullback. Yesterday the diversified miner delivered its Q2 production report, which was initially regarded as neutral. However, weaker copper production appears to have caught traders’ attention overnight – RIO shares slipped 2.3% in UK trade, implying another session in BHP’s shadow today.
- We like the risk/reward towards RIO below $170 but still prefer rival BHP for its more dominant copper exposure.
MM is bullish towards RIO around $165
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