BHP +1.22%: The Big Australian continues to knock on the door of $50/sh, doing little to harm its prospects in today’s 2Q production update. Western Australian Iron Ore ran at a record pace in the 1H, with 2Q production up 1%. Copper production was also strong, up 16% and met coal coming in +10% on 2Q22. Guidance remained unchanged across the segments despite a fall in production of thermal coal and nickel, though the company noted production will be at the low end of the guidance range for copper and coal. Overall, a decent announcement today, though shares lagged peers.
MM remains long and bullish BHP
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