ASX 200 mining shares were the worst hit by the Iran war last month.
The S&P/ASX 200 Materials Index (ASX: XMJ) tumbled 21% between 27 February and 23 March before a sharp recovery began.
Since then, materials shares have jumped 18% as investors refocus on the positive long-term outlook for Australian mining.
Meantime on The Bull this week, experts have revealed their ratings on three ASX 200 mining shares.
Let's take a look.
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BHP Group Ltd (ASX: BHP)
The BHP share price closed at $54.56 on Thursday, up 0.06%.
The market's largest ASX 200 mining share is 59% higher over 12 months.
However, strong momentum was not enough to keep BHP shares immune from the Iran war sell-off.
The BHP share price dropped from a record high of $59.39 on 3 March to a low of $46.06 on 23 March.
With BHP stock now rebounding, Michael Gable from Fairmont Equities gives it a hold rating.
The commodities bull market has only just started, in my view.
As a global mining giant, BHP generally appeals to investors looking to increase exposure in the resources sector.
BHP's share price has retreated to a major support level since the start of the war in Iran.
I'm confident the stock should bounce from these levels.
BHP's diversification makes it a safer bet for investors to ride the commodities bull market.
Capstone Copper Corp CDI (ASX: CSC)
Capstone Copper shares finished yesterday's session at $12.10, down 2.81%.
The ASX 200 copper mining share has almost doubled over the past 12 months, up 97%.
Mitch Belichovski from Morgans Financial has a buy rating on Capstone Copper shares.
Belichovski said:
CSC is one of a limited number of pure play copper names listed on the ASX.
Copper production growth differentiates CSC from its peers.
Growth is driven by a combination of near term and longer dated brownfield and greenfield projects, alongside a declining cost profile.
CSC was recently trading on a modest price-earnings ratio in 2026 and offers good value at these price levels.
South32 Ltd (ASX: S32)
The South32 share price closed at $4.58 yesterday, up 0.22%.
Mark Elzayed from Investor Pulse has a hold rating on South32 shares.
He said South32 was navigating a complex portfolio transition along with operational challenges.
He noted that the company put an aluminium smelter in Mozambique into care and maintenance last month.
However, Elzayed said South32's 1H FY26 results were encouraging.
Underlying EBITDA of $US1.1 billion was up 9 per cent on the prior corresponding period.
Underlying earnings of $US435 million grew 16 per cent, supported by higher base and precious metals prices.
Copper and zinc production remained strong, highlighted by a 28 per cent increase in underground ore reserves at Cannington.
The ASX 200 mining share has soared 43% over six months and is 28% higher in the year to date.
He concluded:
From a valuation and technical standpoint, we see S32 as fairly valued following a strong rally earlier this year.
The stock is consolidating, with technical indicators appearing neutral, and we view it as a wait and see opportunity.
