Main market conditions of metals in the previous period on July 17, 2019

BHP FY2026 annual report posted total molybdenum production of 1,251 tonnes, down 58% YoY. Sales fell 65% to 1,157 tonnes, implying an inventory build of ~94 tonnes. The decline was driven by the Antamina mine (33.75% share), where output plunged 84% YoY to 368 tonnes—including an unexplained drop to just 12 tonnes in Q2 FY26. However, record copper output of 152 kt (+27%) and higher copper prices offset the earnings impact. Conversely, the Spence mine (100% share) lifted moly production by 27% to 883 tonnes (quarterly: 257, 269, 194, and 163 tonnes). With concentrator throughput up only 1% to 31.22 Mt, the increase was driven by performance gains rather than capacity expansion.