Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>Production beats and misses across the portfolio led BHP Group to a largely in-line result, with FY26 guidance little changed.</li><li> BHP Group&rsquo;s March quarter result triggered few changes to forecasts Iron ore performed strongly on pricing and a dispute resolution with China Copper mining proved mixed, but net solid FY26 production and cost guidance for the most part unchanged</li></ul>

Production beats and misses across the portfolio led BHP Group to a largely in-line result, with FY26 guidance little changed. BHP Group&rsquo;s March quarter result triggered few changes to forecasts Iron ore performed strongly on pricing and a dispute resolution with China Copper mining proved mixed, but net solid FY26 production and cost guidance for the most part unchanged

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 20th April, published ~9AM on the 24th April.</li>
<li>The largest industry net increase in the past week was A$421mn into "Diversified Metals"; the largest industry net decrease was A$505mn out of "Diversified Banks". Net shorts increased A$2.2bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a>, <a href="https://www.smartkarma.com/entities/wisetech-global-ltd" target="_blank" data-smartkarma-citation="entities:22669:1" rel="noopener">Wisetech Global (WTC AU)</a>, <a href="https://www.smartkarma.com/entities/goodman-group" target="_blank" data-smartkarma-citation="entities:959:1" rel="noopener">Goodman Group (GMG AU)</a>, <a href="https://www.smartkarma.com/entities/4dmedical-ltd" target="_blank" data-smartkarma-citation="entities:30789:1" rel="noopener">4DMedical (4DX AU)</a>, and <a href="https://www.smartkarma.com/entities/droneshield-ltd" target="_blank" data-smartkarma-citation="entities:30509:1" rel="noopener">DroneShield Ltd (DRO AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 20th April, published ~9AM on the 24th April.
The largest industry net increase in the past week was A$421mn into "Diversified Metals"; the largest industry net decrease was A$505mn out of "Diversified Banks". Net shorts increased A$2.2bn week-on-week.
Companies mentioned in this regular weekly report include: BHP Group Ltd (BHP AU), Wisetech Global (WTC AU), Goodman Group (GMG AU), 4DMedical (4DX AU), and DroneShield Ltd (DRO AU).


Aussie Shorts [20 April 2026]: BHP, Wisetech, Goodman, 4DMedical, DroneShield, Telix Pharmaceuticals

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>CMRG tightened control to shift pricing power, but BHP’s resilient exports and swift rebound after easing signal more flexible, evolving trade flows. </li>
<li>EPS downgrades and rising diesel costs are squeezing margins, as disruptions push BHP toward lower production guidance and weaken near-term earnings visibility. </li>
<li>Elevated volatility and near-term positioning dominate, while heavier put interest signals growing caution and downside expectations ahead of BHP’s operational update. </li>
</ul>


CMRG tightened control to shift pricing power, but BHP’s resilient exports and swift rebound after easing signal more flexible, evolving trade flows. 
EPS downgrades and rising diesel costs are squeezing margins, as disruptions push BHP toward lower production guidance and weaken near-term earnings visibility. 
Elevated volatility and near-term positioning dominate, while heavier put interest signals growing caution and downside expectations ahead of BHP’s operational update. 


CMRG Relief Sparked the Rally, But BHP Now Faces a Tougher Reality Ahead

<ul><li>Morgans has initiated coverage of Deterra Royalties, highlighting the company&rsquo;s defensive, reliable iron ore royalty stream and lithium upside.</li><li> Deterra Royalties derives 95% of revenue from iron ore production Recently acquired Thacker Pass offers diversification and lithium upside Royalty streams are cost-free for Thacker Iron ore little impacted by Middle East conflict</li></ul>

Morgans has initiated coverage of Deterra Royalties, highlighting the company&rsquo;s defensive, reliable iron ore royalty stream and lithium upside. Deterra Royalties derives 95% of revenue from iron ore production Recently acquired Thacker Pass offers diversification and lithium upside Royalty streams are cost-free for Thacker Iron ore little impacted by Middle East conflict

BHP Group Ltd - The Investment Case For Deterra Royalties

Commodities

<ul>
<li>Record US copper imports point to aggressive stockpiling, while Congo’s rising cathode shipments signal growing competition for physical demand outside COMEX channels.</li>
<li>Copper options retain a clear bullish tilt, with OI PCR at 0.55 and volume PCR at 0.30 signaling strong upside demand, while the easing CVOL points to lower volatility expectations.</li>
<li>Political pushback puts VBM’s IPO on hold, while Vale plans to double its copper business, keeping its growth strategy firmly focused on expanding production.</li>
</ul>


Record US copper imports point to aggressive stockpiling, while Congo’s rising cathode shipments signal growing competition for physical demand outside COMEX channels.
Copper options retain a clear bullish tilt, with OI PCR at 0.55 and volume PCR at 0.30 signaling strong upside demand, while the easing CVOL points to lower volatility expectations.
Political pushback puts VBM’s IPO on hold, while Vale plans to double its copper business, keeping its growth strategy firmly focused on expanding production.


Copper in Focus: US Tariff Risks Fuel Stockpiling; VBM IPO Hits Roadblock

Australia

BHP is an Australian multinational mining and metals company that extracts, processes, and markets iron ore, copper, and metallurgical coal, and is developing a potash business. It is one of the world's largest mining companies by market capitalization. The company was founded in August 1885 and is headquartered in Melbourne, Australia.

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BHP (BHP LN)

Steady As She Goes For BHP

Production beats and misses across the portfolio led BHP Group to a largely in-line result, with FY26 guidance little changed. BHP Group’s March...

FNArena

Aussie Shorts [20 April 2026]: BHP, Wisetech, Goodman, 4DMedical, DroneShield, Telix Pharmaceuticals

The largest industry net increase in the past week was A$421mn into "Diversified Metals"; the largest net decrease was A$505mn out of "Diversified...

David Blennerhassett

CMRG Relief Sparked the Rally, But BHP Now Faces a Tougher Reality Ahead

A relief-driven rebound meets rising cost pressures and softer volumes, as options markets quietly turn cautious ahead of BHP’s update.

Mint Finance

BHP Group Ltd - The Investment Case For Deterra Royalties

Morgans has initiated coverage of Deterra Royalties, highlighting the company’s defensive, reliable iron ore royalty stream and lithium...

FNArena

Copper in Focus: US Tariff Risks Fuel Stockpiling; VBM IPO Hits Roadblock

Chile’s supply disruptions and firm physical demand support copper, while a firmer US dollar, measured positioning and profit-taking introduce...

Mint Finance

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