BHP's Record Copper Revenues Fuel 30% Profit Surge

Copper prices are experiencing unprecedented levels of support due to record copper revenues for BHP, which have surpassed those of iron ore for the first time. The company's full-year profit has increased by 30% to $13.2 billion, driven by tight global supply and robust demand conditions.

According to Bloomberg, this result demonstrates the significant impact of copper prices on profitability in the market. BHP also declared its largest dividend in four years, reflecting recent windfall gains.

The physical market dynamics remain under strain with U.S. copper imports at a twelve-year high and LME inventories at five-year lows. Technical signals from various indicators point to a continued bearish intraday bias, with RSI at 39.43 confirming increased bearish momentum.

Over the next 2-3 trading days, copper is expected to remain within a volatility band of $6.4988 to $6.6088, with a 77% probability of a downside move and only a 23% chance of an upward break.