The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0828 GMT - Antofagasta's 2024 performance was broadly in line at an operating level, while the net cash figure and dividends came in ahead of expectations, RBC Capital Markets analysts say in a note. The Chilean copper miner reported Ebitda of $3.4 billion, 2% ahead of RBC's estimate due to lower-than-expected spend on exploration and corporate costs, they say. The final dividend of 31.4 cents a share was nearly 20% higher than RBC's forecast, they add. With the copper price hikes overdone, the stock could be dragged by the commodity's return to $4.00 per pound expected for 2025, the analysts add. Shares are up 0.8% at 18.50 pounds. (michael.susin@wsj.com)

0235 GMT - Jefferies analysts aren't ruling out more copper M&A for BHP, even after the miner's CEO, Mike Henry, said the company is firmly focused on its own projects. "We reiterate our hold rating on BHP as the company has been more aggressive than its peers in pursuing opportunistic M&A, and we believe further M&A risk remains," the Jefferies analysts say in a note. They also raise concerns about the outlook for dividends unless commodity prices surprise. "Combined with its rising net debt and organic growth pipeline, BHP's ability to deliver capital returns in excess of its base 50% payout ratio is limited unless commodity prices are much stronger than we anticipate," the analysts say. Jefferies has a A$43.00 target on BHP, which is up 0.5% at A$41.01/share.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2321 GMT - Rate cuts are expected to translate into a recovery for steel and copper demand across the OECD in the near term, following a period of softness in 2024, BHP says in its 1H report. "However, potential trade tensions present a risk to the recovery in developed economies and across the globe," it says. BHP says India is a bright spot for commodity demand. "While we anticipate a marginal cyclical deceleration across the Indian economy in the next two years, our view on its underlying structural growth potential remains intact," BHP says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2318 GMT - BHP's 1H earnings result contains few surprises and should be neutral for its stock, according to Citi analyst Paul McTaggart. Ebitda is in line with expectations, and there are no changes in production or cost guidance. BHP does provide some more details on the impact of the Samarco settlement and growth in the Copper South Australia business, McTaggart says. Citi has a buy rating and A$46.00 target on BHP. The stock is down 0.7% at A$40.52/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1308 GMT - European steelmakers could face an indirect risk from U.S. tariffs on the metal due to a potential increase in imports in Europe, Bank of America analysts say in a note. Tariffs could benefit SSAB due to its U.S. presence while hurting ArcelorMittal and Voestalpine, the analysts say. However, European steel producers could face second-order effects given that Europe is a relatively large and open market where steel displaced from the U.S. could find another home, the analysts say. The European steel industry was already hit by U.S. tariffs in 2018. Back then, global and U.S. steel demand was positive, whereas global steel markets are under pressure currently and the demand picture is worse, according to Bank of America. Voestalpine shares are up 2.2%, ArcelorMittal up 1.4% and SSAB up 0.8%. (adria.calatayud@wsj.com)

1201 GMT - Anglo American has been rewarded by investors for its strategy reset but its now "a more easily swallowable morsel for any potential bidder," AJ Bell's Russ Mould writes. While BHP has shelved its takeover plans, other players might emerge despite Anglo American's higher share price, he adds. Investors now have a clearer picture of the British mining company's demerger from its platinum business and will benefit from a chunky dividend payment before the demerger takes place, he adds. Shares trade 1.1% up at 2,489 pence and are up 40% over the past year. (adam.whittaker@wsj.com)

(END) Dow Jones Newswires

February 18, 2025 04:20 ET (09:20 GMT)

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