The BHP Group Ltd (ASX: BHP) share price is rising more than the benchmark index today.
BHP shares are up 1.3% and are currently fetching $44.29. For perspective, the S&P/ASX 200 (ASX: XJO) is climbing 0.5% today.
Let's take a look at what is impacting the BHP share price today.
What's happening today?
BHP is not the only ASX mining share in the green today. Rio Tinto Ltd (ASX: RIO) shares are rising 1.92%, while Fortescue Metals Group Ltd (ASX: FMG) shares are up 1.43%.
BHP is a major iron ore explorer. The mining giant has also increased its exposure to copper via the acquisition of Oz Minerals.
The iron ore price jumped 2.8% overnight to US$110 a tonne. Copper also lifted 2.2% to US$8,302 a tonne.
ANZ economist John Bromhead said "price gains" for new homes in China boosted sentiment in the iron ore market. He added:
The market is hoping this is a harbinger to a pick-up in steel output. Optimism was further fuelled after China's NDRC pledge to keep boosting loans to the manufacturing sector.
The price of new homes in China lifted in 70 cities in April by 0.32%, the data from China showed. US market sentiment also lifted amid news of a possible US congress deal to raise debt ceiling. US President Joe Biden is confident a deal can be reached.
Commenting on copper, ANZ's Bromhead said:
Copper led the base metals sector higher after the White House and congressional leaders intimated a deal was possible in raising the debt ceiling. US President, Joe Biden, expressed confidence that a deal will be reached.
This sparked a relief rally across broader markets. Copper was also supported by signs of a recovery in China's property market.
Meanwhile, in news that may be impacting the broader market today, Australia's unemployment rate lifted to 3.7% in April. The ABS data showed 18,000 more people unemployed.
Employment data is one factor the Reserve Bank of Australia (RBA) considers when deciding on the official cash interest rate in June.
Commenting on today's figures, City Index senior market analyst Matt Simpson said:
Whilst employment figures have deteriorated slightly, the RBA will still consider employment to be tight. And that leaves the potential for another hike or two at some point in future, unless inflation falls faster than they currently anticipate.
BHP share price snapshot
The BHP share price has lifted 1.3% in the last year.
BHP has a market capitalisation of about $224 billion based on the company's latest share price.
