RIO has spent much of 2026 in BHP’s shadow, gaining 21% compared with BHP’s impressive 39%, although both are clearly enjoying stellar years. Much like BHP around the $65 area, RIO is starting to look a little tired around $180, and some near-term consolidation, or a pullback, wouldn’t surprise us. Unlike its larger peer, RIO is still primarily an iron ore miner; hence, further stimulus from Beijing would be a positive lever, but hoping on such moves is akin to buying a stock hoping for a takeover.
- We continue to prefer BHP over RIO for its commodity mix now and moving forward.
MM is cautiously bullish towards RIO
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