Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James With BHP at lowest levels of the year, would you see this as a compelling buy here or is caution warranted? Thanks Alex Thank you James, Harry and the whole team, I really enjoy your coverage. A little while ago I asked about BHP saying that I would love to own it. You said that it may go lower. How right you were! Do you think its time to accumulate BHP now or perhaps it may go even lower? Thx so much, Bob
Hi Alex & Bob,
We have written a few times about the decline of BHP through 2024 which as you say has extended to fresh 2024 lows this week under the weight of a plunging iron ore price. The bulk commodity has now fallen ~26% from its late 2023 high as Chinese steel producers cut both output and prices.
In terms of if/where we plan to increase our BHP exposure the MM plan hasn’t changed through 2024 with patience remaining the order of the day until markets gain confidence that China can turn its economy around. We should remember that miners are cyclical businesses which usually present opportunities when they look average, or worse.
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