Please refer to the Important Notice at the end of this article

Six months ago1, at the time of our full year results for the 2021 financial year, we reported markedly improved operating conditions for the majority of the portfolio. Those commodities that had performed strongly in calendar 2020 had built on that momentum. Those that had lagged somewhat in calendar 2020 were showing clear signs of entering a recovery phase. As a result, most of our major commodities were trading at prices that were close to, or above, our estimates of long term equilibrium. As we release half year results for the 2022 financial year today, developments over the last six months make it more difficult to generalise about the portfolio in a narrative sense. The half year was characterised by (yet more) extraordinary volatility, but instead of a shared, albeit staggered recovery pattern, highly idiosyncratic trends have emerged within the energy and non–ferrous commodity clusters, as well as within the steel making raw materials complex. Nevertheless, and the aforementioned volatility notwithstanding, the statement that “most of our major commodities are trading at prices that are close to, or above, our estimates of long term equilibrium”, is still – remarkably – absolutely valid.

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https://www.bhp.com/news/prospects/2022/02/bhps-economic-and-commodity-outlook