Bernstein analysts James Hooper and Sebastien Afoy flagged BASF’s decision to maintain its current free cash flow guidance as a disappointment. They noted that rising raw material expenses are effectively canceling out recent profitability gains for the company. Meanwhile, Rio Tinto showcased a seven percent jump in second-quarter iron-ore sales, marking the firm’s strongest output since 2020, even as it tightened cost expectations for its copper division.

Antofagasta faced a steeper challenge, with second-quarter copper production falling short of analyst targets. RBC Capital Markets experts Ben Davis and Marina Calero suggested caution, citing temporary maintenance issues at the Los Pelambres mine. While the company expects to recover these delayed volumes during the second half of the year, the immediate production miss dampened sentiment across the broader commodities market.