Forget Chips, Buy Wires: BHP Hits Highs as Copper Overtakes Iron

Historically, BHP has been viewed as a proxy for the Chinese property market. Iron ore was the cash cow that funded dividends, while other commodities played supporting roles. Today’s report flips that narrative. The company has successfully transitioned its portfolio exposure toward future-facing commodities. This pivot effectively removes the China discount often applied to miners, re-rating the stock from a cyclical value play to a secular growth proxy. By aligning its production with the needs of the di ...