BHP Billiton Limited (ASX: BHP) was one of the market's strongest performing blue-chip corporations today with its shares lifting 2.5% compared to a 0.8% rise for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).
Not only did the miner benefit from a 4.6% rally in the iron ore price overnight, which took the commodity into official bull market territory, it also received support from a lift in the price of oil and copper.
Overnight, the copper price rose as China's share markets managed to regain some composure, easing the global market's concerns that the heavy losses could spill over into the real economy and impact the nation's growth. Indeed, copper is one of the world's most widely-utilised metals and China, the global economy's engine room, consumes roughly 40% of the world's output.
Oil prices also rose after US crude stockpiles unexpectedly decreased while production also declined. As highlighted by the Fairfax press, inventories fell by 4.2 million barrels last week with Brent crude edging slightly higher as a result.
Indeed, investors are embracing the overnight price hikes and hoping that they can be maintained well into the future. Unfortunately, that doesn't seem like a likely scenario with many analysts expressing their bearish views recently.
With further falls expected, investors would be wise to give BHP Billiton a wide berth and focus on some of the market's more appealing opportunities.