..for a short while, BHP took refuge in the elevated copper...

..for a short while, BHP took refuge in the elevated copper trade while iron ore price declined.

..iron ore game was over awhile back, now it looks like game over for Copper too (see the 1 year Copper chart below). This thread had cautioned that the copper deficit narrative was no different to that of oil - when narrative shifts to recession prospect and demand destruction, Dr Copper would be the first to reflect that.

..now BHP has tested and breached its March 2024 lows of $41.95 and if it closes below it, an abyss lies below (to circa $37+)

..the iron ore and copper cycle is over for now as China hunkers down in slow growth mode amidst property overhang and a regional banking crisis to deal with. China's Plenum session has not resulted in additional stimulus - they are not going to add more buildings to the gross surplus and overbuilt situation they already have.

...this thread had warned to avoid resources stocks altogether, and one can only see that resource stocks have gone backwards even when both Wall St and ASX have gone higher.

1 year then 5 year view
BHP Stock Price and Chart — ASX:BHP — TradingView

1 year view
COPPER Charts and Quotes — TradingView