The BHP Group Ltd (ASX: BHP) share price is almost back to break even for the week, after sliding 5.07% to $49.24 between Monday and Tuesday .
At the time of writing, the BHP share price has added another 2.87%, and is trading at $51.32.
BHP shares price bounces higher, eyeing record highs
The BHP share price closed at a record high last Friday, at $51.87.
However, global equity markets tumbled at the beginning of the week, sparked by concerns regarding economic growth against the backdrop of increasing COVID-19 cases and the Delta variant.
The market selloff was short-lived, with major indices such as the Dow Jones Industrial Average lifting 2.40% in the last two trading sessions.
Similarly, the S&P/ASX 200 Index (ASX: XJO) is now 0.05% higher since last Friday.
Any recent developments for the BHP share price?
On Tuesday, BHP delivered its fourth-quarter and full-year update, with production in line with guidance and strong pricing for its commodities.
The positive update was announced amid a broader market selloff however, dragging the BHP share price down 2.71% on the day.
On Wednesday, Bloomberg reported that the “world’s biggest miner was reviewing its petroleum business and considering options including a trade sale”.
BHP reveals nickel supply deal with Tesla
This morning, BHP announced the signing of a nickle supply agreement with Tesla.
BHP said that the two companies would collaborate on ways to make the battery supply chain “more sustainable”, with a focus on end-to-end raw material traceability using blockchain. Other focus areas would be in the technical exchange for battery raw materials production and promoting “the importance of sustainability in the resources sector”.
BHP chief commercial officer Vandita Pant said:
We are delighted to sign this agreement with Tesla Inc, and to collaborate with them on ways to make the battery supply chain more sustainable through our shared focus on technology and innovation.
While the quantity of nickle to be supplied was not specified, this could be another factor propping up the BHP share price on Thursday.
What about iron ore prices?
According to Market Index, iron ore prices remain steady at US$218.37/tonne.
However, iron ore futures on China’s Dalian Commodity Exchange have tumbled 3.4% this morning to about 1,160 yuan (US$179) a tonne.