BHP Group has once again demonstrated that it is undergoing a strategic transformation, with copper taking over as the company’s main source of profits. Results for the first half of FY2026, ending December 31, 2025, revealed record achievements: profit reached $6.2 billion, up 22 percent year-on-year, while the copper segment accounted for more than half of the group’s total EBITDA, reaching $8 billion, a 59 percent increase. This success reflects both improved productivity at key mines such as Escondida and the successful integration of acquisitions, including OZ Minerals and the Vicuna joint venture, amid record-high global copper prices.
Source: xStation5
Additionally, BHP concluded the largest silver streaming agreement in the company’s history with Wheaton Precious Metals, valued at $4.3 billion, allowing it to convert part of its future silver revenues into cash today. This deal is an example of effective asset portfolio management. The proceeds will be used to develop copper and potash projects, as well as to provide shareholder returns, all with minimal risk and without increasing the company’s debt.
Source: xStation5
The outlook for the copper market remains strong, with structural fundamentals continuing to support demand. Key megatrends, including the growth of electric mobility, renewable energy, digital infrastructure, and data centers, continue to drive demand for the metal. At the same time, supply constraints, high production costs, and geopolitical factors keep copper prices elevated, benefiting companies like BHP in generating profits and financing further development investments.
In Poland, the situation is somewhat different. Shares of KGHM Polska Miedź have recently experienced a correction, mainly due to declining global copper prices. In addition to fundamental factors, political and management issues, including changes in the company’s board and the dismissal of the CEO and vice-CEO, have contributed to market volatility. While these factors increase short-term pressure on the stock, they generally do not affect the company’s long-term fundamentals. Despite these temporary disruptions, KGHM remains a stable company.
Source: xStation5
The current correction in KGHM shares reflects broader trends in copper price fluctuations and elevated volatility related to corporate factors. History shows that price adjustment periods are a natural part of the commodity cycle and often coincide with changes in the macroeconomic environment. Compared to global players such as BHP, it is clear how important portfolio structure and financial flexibility are during periods of heightened uncertainty.
BHP’s results confirm the growing significance of the copper segment in the group’s profit structure, while silver and other assets are being used to optimize the portfolio and manage cash flows. In the case of KGHM, the observed correction is consistent with global copper price fluctuations and local organizational factors. In the commodities sector, the long-term value of companies remains closely linked to the commodity cycle and the ability to generate stable cash flows.
Oil drops over 2% on possible Iran Deal 🛢️🔥
US OPEN: Market under pressure from AI
Hollywood on Edge: Another Round in the Battle for Warner Bros.
BREAKING: Inflation in Canada lower than expected!
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
