BHP Copper Surpasses Iron Ore as Earnings Center Shifts

BHP Group Limited (NYSE: BHP) reported that copper generated $18.19 billion of underlying EBITDA for the year ended June 30, overtaking iron ore's $14.53 billion and contributing more than half of group EBITDA for the first full year.

The company's underlying attributable profit rose 30% to $13.2 billion, above consensus estimates of $12.66 billion.

The market response was positive, with shares climbing as much as 4.2% in Australian trading to a two-month high.

However, the sustainability of this shift may depend on copper prices remaining at elevated levels.