The BHP Group Ltd (ASX: BHP) share price is back in the green today following a disastrous dayâs trade on Monday. The mining giantâs stock slumped 5.3% yesterday amid tumbling iron ore futures.
Fortunately, today is proving to be brighter. At the time of writing, the BHP share price is $41.27, 2.48% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently 1.59% higher.
Letâs take a closer look at what might be going on with the ASXâs biggest company by market capitalisation this week.
BHP share price recovers some of yesterdayâs tumble
The BHP share price appears to be on the mend on Tuesday despite the continued fall of iron ore prices.
Iron ore futures sank 2.6% overnight to US$128 a tonne, according to CommSec.
The latest fall comes amid concerns Chinese demand for steel could further weaken. Some steel mills in the nation are even rumoured to have cut outputs, according to Reuters.
Despite the commodityâs downturn, the BHP share price is lifting alongside the companyâs home sector â the S&P/ASX 200 Materials Index (ASX: XMJ). Itâs currently the marketâs second-best performer, having gained 2.06% at the time of writing.
Itâs also worth mentioning that plenty of other commodity prices lifted overnight. Notably, the price of copper and nickel â both produced by BHP â each increased by 0.3%.
BHPâs fellow iron ore giants Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) are also in the green. Their share prices have gained 2.68% and 2.88% respectively at the time of writing.
Todayâs rise included, the BHP share price is 11% higher than it was at the start of 2022.
Though, itâs almost 13% lower than its high on 8 June. Finally, it is up 1.8% since this time last year.
The post BHP share price claws back half of Mondayâs losses on Tuesday appeared first on The Motley Fool Australia.
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More reading
- ASX 200 midday update: BHP and Rio Tinto rebound, Westpac rated as a buy
- Why is the BHP share price crashing 5% today?
- Why are ASX 200 iron ore shares getting hammered on Monday?
- Own BHP shares? Here’s why the miner could be set for a $1.85 billion boost
- BHP share price ends Friday’s session 8% lower for the week
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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