The BHP Group Ltd (ASX: BHP) share price is sliding against the S&P/ASX 200 Index (ASX: XJO) today.
BHP shares are slipping 2.07% and are currently fetching $42.59. For perspective, the ASX 200 index is down 1.28% today.
So what is going on with the BHP share price?
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What's the deal?
BHP shares may be falling, but there are other ASX 200 mining giants also in the red today. Fortescue Metals Group Ltd (ASX: FMG) shares are descending 2.7%, while Rio Tinto Ltd (ASX: RIO) shares are 2.72% in the red.
Iron ore futures on the Singapore Exchange for the contract month of July are currently falling 2.01% to US$96.4 a tonne.
Inflation data has also been released today, weighing on the wider market including the ASX 200. Australian Bureau of Statistics data shows the CPI lifted 6.8% in the year to April, up from 6.3% in March. This was ahead of market expectations. Higher inflation may impact the Reserve Bank of Australia's RBA) decision on interest rates in June.
ANZ senior economist Adelaide Timbell said sentiment "remains weak" in the iron ore market.
Commenting on the iron ore price movement overnight, she said:
Futures in China fell on news that Vale is looking to expand output.
Its pushing ahead with a USD2.7bn investment plan to boost output in Brazil's Amazon region. It's currently on track to add 30mt of capacity.
The copper price is also down 1% to US$3.6222 an ounce, trading economics data shows. BHP recently acquired Oz Minerals, increasing its exposure to copper.
BHP share price snapshot
The BHP share price returned about 5% last year.
BHP has a market cap of about $214 billion based on the latest share price.
