BHP reports 19 percent copper drop as Argus targets BHP stock at USD 98.00

Published on 10/21/2026 at 10:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Copper output fell 19.00 percent to 400.7 kt in the first quarter. FY27 guidance is 1,650-1,800 kt, and BHP stock costs EUR 72.75 on October 21, 2026.

Copper output and guidance

BHP reported 400.7 kt of copper production for the quarter ended September 30, 2026.
FY27 copper production guidance stayed at 1,650-1,800 kt on October 20, 2026.
BHP stock trades at EUR 72.75 at 10:43 a.m. CEST at Lang & Schwarz on October 21, 2026.

BHP, US0886061086, Illustration mit AI erstellt.

BHP (ISIN US0886061086) was trading at EUR 72.75 at Lang & Schwarz on October 21, 2026 at 10:43 a.m. CEST. Its operational review for the quarter ended September 30, 2026 showed copper production of 400.7 kt, down 19.00 percent from the same quarter a year earlier, according to TradingView on October 20, 2026. The review also confirmed FY27 copper guidance of 1,650-1,800 kt.

Operational pressure meets steady guidance

The production decline reflected planned lower grades, scheduled maintenance, severe weather in Chile, safety stoppages and a conveyor failure at Carrapateena. BHP said iron ore production increased 4.00 percent to 66.5 Mt in the quarter, while its FY27 iron ore guidance remained 260-272 Mt.

The contrast is important for the earnings outlook. Copper is the weaker operating point in the latest quarter, but the unchanged annual range leaves the recovery burden in the remaining quarters rather than forcing an immediate guidance cut.

What does the copper update mean?

BHP's portfolio still carries a sizable growth component. Jansen Stage 1 was 87.00 percent complete in the review and remained on track for first production in mid-2027, while BHP approved USD 800.0 million of pre-commitment funding for the Escondida New Concentrator, according to TradingView. The operational picture therefore combines near-term copper disruption with longer-term capacity investment.

Three dated BHP developments

On October 12, 2026, Argus Research maintained a Buy rating and a USD 98.00 price target for BHP, as reported by Business Insider. On October 20, 2026, BHP reported 400.7 kt of copper production for the September quarter. The same review said Jansen Stage 1 had reached 87.00 percent completion, making project execution a second dated operating marker.

Stock valuation and operating scale

BHP's US listing was last quoted at USD 81.87 on October 20, 2026 at 4:00 p.m. ET. Its market capitalization was USD 208.1 billion on that date, while the 52-week range stood at USD 52.18 to USD 98.71. The latest price sits below the Argus target, but the operational review gives investors a more immediate test: whether copper output can recover while annual guidance remains intact.

Stock price in Germany

The euro quotation was trading intraday at EUR 72.75 at Lang & Schwarz on October 21, 2026 at 10:43 a.m. CEST. The next operational milestones are the recovery of copper volumes and progress toward Jansen's mid-2027 production start. The further course of trading is shown by the continuously updated real-time quote of BHP stock.