Find out the latest update from commodity players Liontown Ltd (ASX: LTR), South32 Ltd (ASX: S32) and Mineral Resources Ltd (ASX: MIN) shares, and what brokers expect next.

Buy South32 shares

South32 shares are storming higher in Wednesday morning trade. At the time of writing, the commodities miner's shares are up around 5% to $4.85 a piece. 

The latest increase means the ASX mining shares have now jumped over 20% following the company's March 2026 quarterly update last week.

The shares are now up 37% year to date and are an impressive 57% higher than a year ago.

The latest rally comes off the back of the miners' reported US$121 million increase in net cash for the quarter. Meanwhile, its Brazil Alumina site delivered record year-to-date production, up 5%.

As a diversified global miner, with exposure to several commodities including aluminium, copper, zinc, and manganese, South32 has benefited from investor demand for diversified exposure to commodities related to the energy transition. South32 is also attracting attention because it is less dependent on iron ore than other major miners. 

Market Index data shows brokers rate the ASX mining shares as a strong buy. Although after the latest strong rally, the current average target price of $4.89 implies a potential 1% upside at the time of writing.

Buy Mineral Resources shares

Mineral Resources shares are also climbing higher today. At the time of writing, the shares are up around 1% to $71.95 each. Mineral Resources shares have also flown 12% higher over the past week.

The shares are now 30% higher year to date and up a huge 202% over the past 12 months.

The ASX mining stock has a major exposure to lithium and has ridden the wave of soaring lithium carbonate prices through early 2026. Prices are now trading around the highest level since 2023, thanks to renewed and growing long-term demand for lithium batteries.

Last Tuesday, the miner confirmed it will restart operations at its 100%-owned Bald Hill lithium mine. The company said the decision follows a "significant and sustained recovery" in lithium prices.

The restart is expected to move quickly, too, with activity due to ramp up in late May before crushing and mining operations start in June. The lithium miner expects restart costs in the fourth quarter of FY26, totalling $20 million.

Brokers rate the ASX mining shares as a strong buy and tip a potential 2.8% upside to an average $74.60 target price at the time of writing.

Hold Liontown shares

Liontown shares have tumbled into the red on Wednesday morning. At the time of writing, the shares are down 0.2% to $2.32 a piece.

Despite the tumble, the lithium miner's shares are still up 43% year to date and a massive 263% higher than 12 months ago.

Liontown has also ridden the lithium rebound as investors look toward the company's production growth potential. Investors have leaned into Liontown shares on the pretence that it has a long-term ability to benefit from strong lithium pricing and expanding global EV demand.

The miner's development pipeline and exposure to future supply chains have also attracted investor attention.

But, Liontown is practically a pure-play lithium miner and its assets are overwhelmingly lithium-focused. This means it is sensitive to and heavily dependent on lithium price trajectories. If the price rally starts to reverse, the business could be at risk.

After the latest rally, analyst sentiment for the ASX mining shares has softened. At the time of writing, brokers rate the stock as a hold, with an average target price of $1.99. That implies a 15% downside from here.

The post Liontown, South32 and Mineral Resources: Brokers rate 2 ASX mining shares as a buy and 1 to hold appeared first on The Motley Fool Australia.

After kicking off the trading week on a positive note yesterday, investors couldn't keep up the momentum, with the index opening in the red this morning and staying that way all session. By the time the markets closed up shop, the ASX 200 had lost 0.39% and finished up at 8,657.8 points.

The US markets were closed for the Memorial Day public holiday last night, so the small gains we saw 'Stateside last Friday are still holding.

So, without further ado, it's now time to take stock of how the various ASX sectors fared amid today's frosty trading conditions.

Winners and losers

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

After spending the entire session in green territory, the ASX 200 ended up closing 0.41% higher today. That leaves the index at a flat 8,657 points as we head into the weekend.

This pleasing end to the Australian trading week follows a bullish session on Wall Street last night.

The Dow Jones Industrial Average Index (DJX: .DJI) managed to overcome some early jitters to rise 0.55%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) wasn't quite as optimistic, though, and inched 0.087% higher.

But let's return to ASX shares now for a discussion on what was happening amongst the various ASX sectors this Friday.

Winners and losers

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Are they bullish, bearish, or something in between? Let's find out.

Commonwealth Bank of Australia (ASX: CBA)

The team at Alto Capital has named Australia's largest bank as a sell this week.

Due to the bank's premium valuation, it thinks the risk-reward balance favours taking profit on CBA shares now. It explains:

Australia's largest retail bank enjoys a dominant position across mortgages, deposits and consumer banking. The company recently reported a record first half cash net profit after tax in 2026 of $5.445 billion, supported by lending growth and strong deposit volumes.

Recently, the share price had re-rated significantly and traded at a premium to domestic peers and global banking counterparts. With much of the operational strength already reflected in the valuation, the risk-reward balance favours taking profits at current levels.

South32 Ltd (ASX: S32)

Over at Fairmont Equities, it has named this mining giant's shares as a hold this week.

However, the equities firm does believe that South32 shares have potential to rally strongly in the future. It said:

S32 is a diversified mining company. I expect base metals prices to continue trending higher this year to the benefit of S32. After a share price sell-down in February, the stock had mostly recovered by the end of March. I see a clear resistance zone around $4.80. Buyers are also stepping in on any dips. I'm confident S32 will rally strongly moving forward. The shares were trading at $3.935 on April 30.

Worley Ltd (ASX: WOR)

The team at Baker Young is positive on this engineering and construction services company and is tipping it as a buy this week.

It believes that Worley has a positive outlook thanks to its exposure to structural trends such as the de-globalisation of supply chains and energy efficiency. It explains:

Worley is an engineering and construction group. It recently stepped back from underlying earnings before interest and tax growth due to delays on Middle East projects. However, we believe the longer term outlook remains supportive. Structural trends, such as de-globalisation of supply chains and increasing investment in energy efficiency, align closely with WOR's core capabilities.

Earnings volatility and missed expectations have weighed on sentiment. But the company is trading on an undemanding valuation relative to its medium term growth potential.

The post Buy, hold, sell: CBA, South32, and Worley shares appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling:

Appen Ltd (ASX: APX)

The Appen share price is down 27% to $1.13. Investors have been selling this artificial intelligence (AI) data services company's shares following the release of its quarterly update. Although the company posted a 9% increase in revenue to $54.8 million, it is still barely profitable at an EBITDA level. In addition, the performance of its Appen Global business may have spooked investors. It reported a 37% decline in revenue to $19.9 million.

Catalyst Metals Ltd (ASX: CYL)

The Catalyst Metals share price is down a further 7% to $5.26. Investors have been selling this gold miner's shares this week following the release of its quarterly update. Catalyst reported gold production of 26,127 ounces with an all-in sustaining cost (AISC) of A$2,901 per ounce. And while the company has reaffirmed its production guidance of 100,000 ounces to 110,000 ounces, it has lifted its cost guidance. It now expects its FY 2026 AISC to come in at A$2,750 per ounce to A$2,950 per ounce. This compares to its previous guidance range of A$2,200 per ounce to A$2,650 per ounce.

South32 Ltd (ASX: S32)

The South32 share price is down 7% to $3.96. This follows the release of an update on the first development of its Hermosa project in Arizona, United States. Management revealed that it has increased development costs by 50%. It said: "Our expected growth capital expenditure for Taylor has been updated to ~US$3,300M. This includes scope changes with the addition of decline access, revised shaft construction costs, materially higher inflation, industry-wide increases in key input costs such as steel, piping, concrete and electrical, and United States tariffs."

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is down almost 7% to $34.75. Investors have been selling the supermarket giant's shares following the release of its third-quarter sales update. Woolworths reported a 4.5% lift in group sales to $18.1 billion, led by a 5.9% increase in Australian Food sales and a 20.2% jump in ecommerce sales. However, CEO Amanda Bardwell revealed that Australian Food earnings are no longer expected to be as strong as previously thought. She said: "Reported F26 Australian Food EBIT growth is still expected to be in the mid to high single digit range but no longer at the upper end of the range."

The post Why Appen, Catalyst Metals, South32, and Woolworths shares are sinking today appeared first on The Motley Fool Australia.

At the time of writing, the South32 share price is down a massive 8.45% to $3.90.

Despite the stock trending lower since mid-April, it's still up around 10% in 2026.

Here's what the company released to the market.

Major update on Hermosa project

Most of the focus in this release sits with the Taylor deposit, and it gives a clearer picture of how the project is coming together.

South32 said the Taylor deposit continues to shape up as a long-life, low-cost operation with strong production potential.

One of the key changes is a longer expected mine life, which has been extended from 28 years to 33 years. That gives the project a much larger production window than previously planned by management.

The company also reported a 32% increase in mineral resources and a 52% lift in ore reserves at Taylor. Both upgrades were driven by ongoing drilling and a better understanding of the deposit.

There is also potential for future growth beyond Taylor, with the nearby Clark and Peake deposits offering additional upside over time.

Production outlook and timing

South32 is targeting first production from Taylor in the second-half of FY28.

Annual output is expected to average around 346,000 tonnes of zinc equivalent over the life of the mine. That includes zinc, lead, and silver production.

The operation is designed to ramp up to steady-state production by FY31.

From there, the project is expected to deliver consistent output for decades, supported by underground mining and a large processing facility.

Costs increase as the project moves forward

While the project is moving forward, there has been a notable increase in capital costs.

South32 now expects total growth capital expenditure of about US$3.3 billion. That is up from earlier estimates due to inflation, scope changes, and higher input costs.

Despite that, the company still sees strong economics.

At spot commodity prices, Hermosa is expected to generate around US$650 million in annual EBITDA at a steady state.

The project's net present value is estimated at around US$3.1 billion, with solid margins built into the plan.

Foolish Takeaway

There is still a long runway before production begins, so timing and cost control will be important to watch from here.

Investors will also be looking at how quickly South32 can move through construction milestones and into commissioning.

Any further updates on capital spend or timelines could influence sentiment.

Keep in mind, this is still a multi-year build, so there is an execution risk along the way.

The post This ASX 200 mining stock is sinking 8% after a big project update. Here's why appeared first on The Motley Fool Australia.

What did South32 report?

• Taylor Ore Reserve increased 52% to 99 million tonnes, driven by successful infill drilling
• Initial operating life for Taylor extended by 5 years to approximately 33 years
• Expected steady-state annual EBITDA of ~US$650 million, with potential to rise to ~US$800 million at spot prices
• Growth capital expenditure for Taylor revised up to ~US$3.3 billion, reflecting scope changes and inflation
• Peake copper resource estimate up 32% to 33Mt, supporting longer mine life and future copper production potential
• First production from Taylor now expected in the second half of FY28, with nameplate capacity by FY31

What else do investors need to know?

Recent work confirms Taylor remains a high-quality, long-life zinc-lead-silver asset, with the deposit open for further growth. Operational flexibility will improve, as first ore is expected via the Clark decline before shaft commissioning, increasing ore handling capacity by 25%.

The nearby Peake deposit is shaping up as a future copper development, underpinned by a significant uplift in its Mineral Resource. South32's battery-grade manganese Clark deposit has also attained US government support, with federal permitting for Hermosa's components progressing as planned.

What did South32 management say?

Chief Executive Officer Graham Kerr said:

Our investment in Hermosa has established a regional-scale project with the potential to produce critical minerals over several decades, with Taylor as the first stage. Our updated assessment of project execution has reaffirmed Taylor's potential to deliver our shareholders attractive returns from its long-life, low-cost production of zinc, silver and lead.

What's next for South32?

Looking ahead, South32 expects construction of the Hermosa project's key infrastructure, including Taylor's shafts and processing plant, to be complete between FY27 and FY28. The path to nameplate production is set for FY31, slightly later than previously planned, due largely to contractor challenges and higher input costs.

The company is also focusing on integrating Peake's copper with Taylor's mine plan and advancing the Clark manganese project, aiming to support US critical minerals supply for decades. Ongoing drilling and exploration at Hermosa's wider tenement could unlock further value in future updates.

South32 share price snapshot

Over the past 12 months, South32 shares have risen 55%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 7% over the same period.

View Original Announcement

The post South32 Hermosa project boosts reserves and mine life in FY26 update appeared first on The Motley Fool Australia.

The world is waiting for a second round of talks between the US and Iran to commence in Islamabad.

Meanwhile, the Strait of Hormuz, a critical waterway through which 20% of the world's oil and gas supply is transported, remains effectively shut down.

The US blockade of Iranian ports also remains in place.

The US hopes that by blocking Iran's own oil exports, it can coerce a peace deal through economic hardship.

In a Truth Social post, US President Donald Trump said:

Iran is collapsing financially! They want the Strait of Hormuz opened immediately- Starving for cash! Losing 500 Million Dollars a day.

Military and Police complaining that they are not getting paid. SOS!!!

Amid the ongoing oil shock and fears of a global recession, brokers have indicated continuing confidence in several ASX 200 shares.

These companies received renewed buy ratings this week.

Let's review.

Cochlear Ltd (ASX: COH)

The Cochlear share price is $96.22, down 3.3%, after hitting a 52-week low of $95.81 earlier in the day.

Cochlear shares were smashed this week after the hearing implant device maker downgraded its earnings guidance.

UBS analyst David Low is looking past the downgrade, though, and reiterated his buy rating today.

Low has a 12-month target of $302 on this ASX 200 healthcare share.

This implies a potential 212% upside over the next 12 months.

Droneshield Ltd (ASX: DRO)

The Droneshield share price is $3.75, down 2.2% today.

This ASX 200 industrial share has fallen by 20% over six months.

However, it remains 210% higher over 12 months.

Bell Potter renewed its buy rating on Droneshield shares with a 12-month target of $4.80 today.

This implies a potential 27% capital gain ahead.

REA Group Ltd (ASX: REA)

The REA share price is $174.39, down 0.9% today.

This ASX 200 communications share has fallen 27% over 12 months, but is up 10% over the past four weeks.

Citi renewed its buy rating on REA shares today with a 12-month price target of $199.

This implies a potential 14% upside ahead.

South32 Ltd (ASX: S32)

The South32 share price is $4.39, down 2.4% today.

Year-to-date (YTD), this ASX 200 mining share has ripped 24% higher.

Citi renewed its buy rating on South32 shares today.

The broker has a target price of $5.40, implying a potential 23% upside over the next year.

Northern Star Resources Ltd (ASX: NST)

The Northern Star Resources share price is $22.48, down 1.4% today.

The ASX 200 gold share has lost 8% of its value over the YTD.

However, it has recently embarked on a major comeback, rising 31% over four weeks.

Citi reiterated its buy rating on Northern Star Resources shares this week.

The broker's price target is $29.70, suggesting another 30% growth ahead.

The post 5 ASX 200 shares with renewed buy ratings this week appeared first on The Motley Fool Australia.

The ASX mining stock rose another 2% to $4.50 on Wednesday following a solid March 2026 quarterly update. That extends a strong run, with shares now up 16% over the past month. South32 shares have ascended 72% over the past 12 months, comfortably outperforming the S&P/ASX 200 Index (ASX: XJO), which is up 15%.

So, can the momentum continue?

Multiple growth pathways

Start with the fundamentals. South32 is a diversified global miner with exposure to commodities like aluminium, copper, zinc, and manganese. That diversification helps smooth earnings and gives it multiple pathways for growth.

The latest quarterly numbers reinforce that strength.

Net cash increased by US$121 million during the period, leaving the balance sheet in a stronger position. That financial flexibility is a key advantage, particularly in a cyclical sector.

Joint-venture success

Operational performance also impressed. Brazil Alumina delivered record year-to-date production, rising 5% to 1,060kt. Across the broader portfolio, the company largely held production guidance steady, signalling resilience despite a challenging operating environment.

One standout was Sierra Gorda, which delivered a record quarterly distribution of US$135 million, highlighting the value of South32's joint venture assets.

Not everything went perfectly. Australia Manganese saw its guidance cut due to water issues following heavy rainfall and cyclone activity. However, this appears to be a localised disruption rather than a broader operational concern.

Higher freight costs

The company is also navigating external pressures. Like many miners, South32 is dealing with higher freight costs linked to geopolitical tensions. It continues to monitor supply chains closely but has not reported any diesel shortages.

Beyond the quarter, the bigger picture remains compelling. South32 shares are positioning itself for long-term demand in key commodities tied to global electrification and infrastructure trends. At the same time, its strong balance sheet supports both growth investment and shareholder returns.

Still, risks remain. Commodity prices are inherently volatile, and any downturn could weigh on earnings and sentiment. Operational disruptions – such as weather events – can also impact output, while global cost pressures may continue to squeeze margins.

What next for South32 shares?

Valuation is another factor. After such a strong run, some analysts are becoming more cautious in the near term. Morgans recently lowered its rating on South32 shares to accumulate, citing the current valuation, though it maintained a $5.00 price target.

That said, broader sentiment remains positive. According to TradingView data, 12 out of 16 brokers rate South32 shares as a buy or strong buy. The average price target sits at $4.97, implying around 11% upside from current levels. The most optimistic forecasts point to $5.81, which is around 29% higher.

Foolish Takeaway

South32 is executing well, backed by strong production, rising cash, and exposure to long-term commodity demand.

The rally may not be over for South32 shares, but after a 72% surge, investors should expect a bumpier ride from here.

The post South32 shares are booming, but is the best still to come? appeared first on The Motley Fool Australia.

The mining stock rose another 1% to $4.45 on Wednesday morning after delivering a solid March 2026 quarterly update. That continues a strong run, with shares now up 16% over the past month and 25% in 2026.

South32 shares are up an impressive 66% over the past year, well ahead of the S&P/ASX 200 Index (ASX: XJO), which is up around 15%.

So what's behind the lift today?

Record production

The headline numbers were encouraging. South32 reported a US$121 million increase in net cash for the quarter, strengthening its balance sheet. At the same time, Brazil Alumina delivered record year-to-date production, rising 5% to 1,060kt.

Operationally, the business held up well despite a challenging backdrop. The mining company maintained production guidance across most of its portfolio, signalling resilience across key assets. One standout was Sierra Gorda, which delivered a record quarterly distribution of US$135 million.

South32 Chief Executive Officer, Graham Kerr, said:

Our teams delivered several strong operating results in the March quarter, despite adverse weather impacts.
Hillside Aluminium continued to test its maximum technical capacity, capitalising on higher aluminium prices, while
Brazil Alumina achieved record year to date production, and Sierra Gorda made a record quarterly distribution of US$135M.

Supply chains, cyclone impact

There were some weak spots. Australia Manganese saw its guidance cut due to water issues following heavy rainfall and cyclone activity. However, this appears to be a site-specific issue rather than a broader trend across the group. South32 shares also noted it is keeping a close eye on supply chains, though it reported no current diesel shortages.

Like many global miners, it is navigating higher freight costs linked to ongoing geopolitical tensions.

Safety remains a key focus. The company reported a tragic fatality at its Worsley Alumina operation in March, prompting a temporary suspension of non-critical work and an ongoing review.

Share buyback

On the investment front, South32 continues to deploy capital into growth and maintenance. It spent US$239 million on capital expenditure across the group in the first nine months of FY26, excluding major projects and joint ventures.

Shareholders are also benefiting. South32 shares completed a US$35 million on-market share buyback during the period and still has US$209 million remaining under its capital management program.

What next for South32 shares?

Looking ahead, attention is turning to its growth pipeline. South32 expects to complete a review of key milestones and capital spending for the Hermosa Taylor project in the June 2026 half, as infrastructure contracts continue to be awarded.

In the near term, management is focused on resolving operational issues, including water management at Australia Manganese and improving logistics at Mozal Aluminium and Cannington as rail access improves.

Foolish bottom line

The bigger picture remains intact. South32 is targeting long-term growth in commodities like copper, zinc, and silver, while maintaining a strong balance sheet to navigate volatility.

For investors, this update ticks several boxes: solid production, rising cash, and ongoing shareholder returns. That combination is helping explain why South32 shares continue to trend higher.

The post South32 shares are rising again – what just happened? appeared first on The Motley Fool Australia.

What did South32 report?

• Group net cash rose by US$121 million to US$96 million for the March 2026 quarter
• Brazil Alumina achieved record year-to-date production, up 5% to 1,060kt
• Sierra Gorda delivered a record quarterly distribution of US$135 million (South32 share)
• Australia Manganese production guidance revised down by 6% due to weather impacts
• US$158 million invested in Hermosa development during the quarter
• Fully-franked interim dividend of US$175 million paid after the quarter-end

What else do investors need to know?

South32 reported a tragic fatality at Worsley Alumina in March, leading to some temporary suspension of non-critical work and an ongoing safety review. The team also responded to external challenges such as wet weather events and increased global freight costs from geopolitical tensions.

Despite headwinds, the company maintained production guidance across most operations, with only Australia Manganese seeing guidance cut due to site water issues following heavy rains and cyclones. The company continues to monitor supply chains closely but reports no current diesel shortages.

South32 invested US$239 million in group capital expenditure (excluding Hermosa and joint ventures) in the first nine months of FY26. The company executed a US$35 million on-market share buyback and has extended its capital management program, with US$209 million yet to be returned to shareholders.

What's next for South32?

Looking ahead, South32 expects to complete its review of project milestones and capital expenditure for the Hermosa Taylor project in the June 2026 half year, as more infrastructure contracts are awarded. The company remains focused on managing water at Australia Manganese and drawing down inventory at Mozal Aluminium and Cannington as rail access improves.

Management reaffirms their strategy to invest in high-quality growth, particularly in copper, zinc and silver, while maintaining a strong balance sheet to support returns and weather market volatility.

South32 share price snapshot

Over the past 12 months, South32 shares have risen 69%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 15% over the same period.

View Original Announcement

The post South32 lifts net cash and sets Brazil Alumina output record in March quarter appeared first on The Motley Fool Australia.

The market was caught off-guard by news of a major fire at one of Australia's two oil refineries yesterday.

This will undoubtedly add pressure to the fuel supply chain and potentially add to inflation and the chances of higher interest rates.

Amid the growing global fuel crisis, brokers have indicated continuing confidence in several ASX 200 shares.

These companies received renewed buy ratings this week.

Let's review.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price closed at $172.60 on Thursday, down 0.7%.

Over the past month, the ASX mining giant has lifted 11.6%.

Macquarie reiterated its buy rating on Rio Tinto stock this week.

The broker raised its 12-month price target from $168 to $183.

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price finished the session at $37.73, down 1.3%.

Over the past month, this ASX 200 bank share has edged 0.75% higher.

Morgan Stanley maintained its buy rating on ANZ shares this week.

But the broker shaved its 12-month price target from $37.80 to $37.

Xero Ltd (ASX: XRO)

The Xero share price closed at $81.86 yesterday, up a whopping 9%.

In an apparent rebound for the entire tech sector, Xero shares have risen 16.1% since 30 March.

UBS reiterated its buy rating on Xero shares this week.

However, the broker slashed its 12-month target from $174 to $127.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price closed at $14.15, up 2.6% on Thursday.

Over the past month, this ASX 200 uranium share has rocketed 27.6%.

Morgan Stanley kept its buy rating in place with a $14.45 price target this week.

South32 Ltd (ASX: S32)

The South32 share price finished yesterday's trading day at $4.62, down 0.2%.

Over the past month, this ASX 200 mining share has lifted 11.1%.

Morgan Stanley reiterated its buy recommendation this week.

The broker also lifted its share price target from $4.70 to $5.

Iluka Resources Ltd (ASX: ILU)

The Iluka Resources share price closed at $7.77, up 4%.

Over the past month, this ASX 200 mineral sands share has ripped 20.7%.

Morgan Stanley maintained a buy rating and raised its target from $6.70 to $7.90.

Zip Co Ltd (ASX: ZIP)

Zip was the third-strongest performer within the ASX 200 yesterday.

The Zip share price ripped 11.4% higher to $2.05 ahead of its quarterly update today.

Over the past month, this ASX 200 financial share has soared 28.1%.

Citi reiterated its buy rating on the buy now, pay later provider this week.

The broker has a $2.60 price target on Zip shares.

Coles Group Ltd (ASX: COL)

The Coles share price closed at $22.70, up 0.2%, yesterday.

Over the past month, this ASX 200 consumer staples share has lifted 9%.

Jefferies reiterated its buy rating this week.

The broker also raised its share price target on Coles from $23.50 to $25.50.

The post ASX 200 shares with renewed buy ratings this week appeared first on The Motley Fool Australia.

The latest uptick means the shares are now up 32% for the year-to-date and have soared an impressive 67% higher over the past 12 months.

ASX 200 mining shares went on a rollercoaster ride over the March quarter. Commodity prices rocketed in January, sending South32 higher. In fact, South32 was one of the best performers on the ASX 200 index in January. 

The miner benefited from a perfect storm of strong central bank buying, falling US interest rates, and dwindling expectations for the US dollar. These all drove investors to safe-haven commodities like gold, silver, and copper. 

But it all changed when the war between the US and Iran escalated in late-February. An injection of fear about rising oil prices, energy costs, and supply quickly cooled the mining sector in March. 

While most ASX mining shares have since recovered some of their losses, South32 is streaking ahead. Compared to its mining peers BHP Group Ltd (ASX: BHP), Rio Tinto Ltd (ASX: RIO) and Fortescue Ltd (ASX: FMG), South32 shares have outperformed over the past month, year-to-date and past 12 months.

Why is the South32 share price racing ahead?

South32 mines and produces commodities, including bauxite, aluminium, copper, silver, lead, zinc, nickel, manganese, and metallurgical coal, so it has been well-positioned to absorb the uptick in demand across several minerals and metals.

Unlike BHP, Rio Tinto, and Fortescue, it is not heavily tied to iron or and benefits from diversity across other metals and minerals. 

Because of this diversity, the miner has been able to post some strong financial results, solid production figures and shown it has great momentum.

In January, the miner announced that it had exceeded expectations for first-half production. Alumina production was up 3% in the first half. Meanwhile, aluminium production was up 2%, zinc up 13%, and manganese up 58%. Overall, the company's results were ahead of consensus. 

Later in February the diversified miner reported a 29% jump in profit and 16% increase in underlying earnings.

Can the shares keep climbing?

If this momentum continues, alongside a continued uptick of commodity demand and prices, I think the South32 share price could continue to outpace BHP, Rio Tinto and Fortescue in 2026.

TradingView data shows that the majority of brokers (12 out of 16) have a buy or strong buy rating on South32 shares. Another three have a hold rating and one rates the shares as a sell.

The average target price of $4.93 implies a potential 6% upside at the time of writing. But some brokers are more bullish and are tipping the share price to jump another 18% to $5.51.

The post Up 67% in a year! The red-hot South32 share price is smashing BHP, Rio and Fortescue appeared first on The Motley Fool Australia.

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.

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.

The post Buy, hold, or sell? South32, Capstone Copper, and BHP shares appeared first on The Motley Fool Australia.

But does the broker think they are buys, holds, or sells? Let's see what it is saying about them:

Cochlear Ltd (ASX: COH)

This hearing solutions company delivered a result that was below expectations during the first half of FY 2026.

And while the broker notes that demand for the new Nucleus Nexa system is increasing, it isn't enough for a buy rating at this point. It has put a hold rating and $214.93 price target on its shares. However, this is comfortably ahead of the current Cochlear share price of $172.36. It said:

The 1H26 result was softer than expected, with revenue, margins and profit negatively impacted mainly on longer than anticipated contracting for the newly launched Nucleus Nexa system (Nexa). Soft Cochlear Implants (CI) growth mis-matched sales, reflecting unfavourable emerging market mix and delayed developed market momentum, while Services was flat and Acoustics surprised to downside on increased competitive pressures.

While Nexa adoption accelerated late in the half and management maintained FY26 guidance, but now is targeting the lower end of the range, it increases reliance on a strong 2H recovery which appears optimistic, especially in light of flat GM and FX headwinds. We adjust our FY26-28 estimates and lower our target price to A$214.93. We maintain a cautious stance, but move to HOLD on share weakness.

South32 Ltd (ASX: S32)

Unlike Cochlear, this mining giant outperformed expectations during the first half.

While Morgans was impressed with its result, due to its current valuation, it has lowered its rating to accumulate with a $5.00 price target. This compares to the latest South32 share price of $4.42. It said:

Bumper 1H26 EBITDA comfortably ahead of consensus and close to our estimate, riding consistent production and higher base and precious metals. 15% interim dividend beat and upsized capital management of an extra US$100m. Not all positive, Hermosa budget increase flagged for H2 a ST risk to monitor. Guidance unchanged, besides Brazil Aluminium output and capex timing tweaks.

We lower our rating to ACCUMULATE (from BUY) with an unchanged A$5.00 TP, recommending patience when adding following the recent share price surge.

Westpac Banking Corp (ASX: WBC)

Finally, Morgans has been looking at Westpac shares following its first-quarter update.

Although the broker was pleased with the update, it has only been enough to upgrade its shares to a trim rating (between sell and hold) with a $35.12 price target. This compares to the latest Westpac share price of $39.85. It said:

A largely stable 1Q26 result compared to the 2H25 quarterly average (normalised for 2H25's restructuring charge), which is better than 1H26 expectations. We are assuming a more bullish loan growth and impairments outlook than previously (and slightly more conservative costs).

There is no change to FY26F EPS but there are 5-8% upgrades to FY27-28F. Target price lifts to $35.12/sh. We upgrade to TRIM given the improved, but still negative, potential TSR.

The post Buy, hold, sell: Cochlear, South32, and Westpac shares appeared first on The Motley Fool Australia.

After a 32% surge in CY25, the S&P/ASX 200 Materials Index (ASX: XMJ) managed just a 1.1% gain over the first quarter of CY26.

Let's recap.

What happened in the first quarter?

The miners had momentum in January as commodity prices skyrocketed on new year optimism following an extraordinary run in CY25.

The gold price ripped from just over US$4,300 per ounce on 31 December to a new record of US$5,608 on 29 January.

Then came the sell-off, with commodities plummeting over just a few days. The gold price fell 21% to US$4,400 per ounce by 2 February.

The sell-off was triggered by US President Donald Trump nominating the more hawkish contender, Kevin Warsh, to be the next Fed chair.

Investors feared tighter US monetary policy, which would be a headwind for metals prices, so they sold their mining shares to preserve profits.

For the month of January, the ASX 200 materials sector rose 9.5%.

In February, metals prices rebounded as the 5 key drivers of a new commodities supercycle continued to drive demand.

The materials sector lifted a further 9% over the month.

Then came the war.

On 28 February (US time), Israel and the US launched missile strikes on Iran on the basis of eliminating its ability to build nuclear weapons.

This injected fear into markets, with the ensuing oil shock driving oil and gas prices substantially higher.

That's no good for the mining sector, which now faces higher energy costs and potentially constrained supply, which may limit production.

This led to a dramatic dive for ASX 200 mining shares this month.

At the time of writing, the materials sector is down 15.3% over March, with almost all of the gains over January and February wiped out.

What's next for ASX 200 mining shares?

We saw signs of a fightback last week, with ASX 200 materials the fastest rising market sector with a 4.6% gain.

Investors may be buying the dip on ASX 200 mining shares on hopes that negotiations between the US and Iran will end this war soon.

The long-term outlook for mining shares is bright, with Australia in the early stages of a new mining boom driven primarily by the green energy transition, and increasingly, a desire among western nations for greater sovereign manufacturing capability and energy security.

Experts say a new metals supercycle is underway, with the primary beneficiaries being copper, uranium, lithium, rare earths, and silver.

How BHP shares fared in 1Q FY26

The BHP Group Ltd (ASX: BHP) share price has lifted 9.8% in the first quarter to $49.93 at the time of writing.

The following chart demonstrates the rollercoaster ride over 1Q CY26 for the market's largest ASX 200 mining share.

BHP shares reached a record $59.39 on 3 March before plummeting as the war in Iran prompted investors to take profits.

Rio Tinto Ltd (ASX: RIO) shares lifted 8.8% over 1Q FY26 to $159.69 today, while Fortescue Ltd (ASX: FMG) fell 8.2% to $20.21 today.

The Mineral Resources Ltd (ASX: MIN) share price rose fell 1.6% to $53.55 today.

The South32 Ltd (ASX: S32) share price rocketed 19.2% over 1Q CY26 to $4.25 today.

The post ASX 200 mining shares ride a rollercoaster in March quarter appeared first on The Motley Fool Australia.

After starting deep in red territory this morning, the ASX 200 dropped as low as 8,379 points during intra-day trading before wrapping up at a flat 8,461 points. That puts the index down 0.65% for the session today.

This rather bleak Monday for ASX investors came after an even more turbulent end to the American trading week on Saturday morning (our time).

The Dow Jones Industrial Average Index (DJX: .DJI) was hit hard, dropping by a nasty 1.73%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) fared even worse, falling by a horrid 2.15%.

But let's get back to this week and our local markets, and check out the damage to the different ASX sectors inflicted by today's market drop.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Major producers targeted

Aluminium Bahrain, which operates one of the world's largest smelters, said on Sunday it was assessing damage to its facility after Iranian attacks over the weekend.

The company said further:

The safety and security of Alba's people remain its top priority and the Company confirms that 2 of Alba's employees sustained minor injuries. Alba is assessing the extent of the damage to its facilities and remains focused on maintaining its operational resilience and the safety of its employees. The Company will provide further updates, as required, in due course.

Meanwhile, there was reported to be significant damage at Emirates Global Aluminium's site after attacks from missiles and drones.

Shares in Australian aluminium producers jumped as a result, with Alcoa Corporation (ASX: AAI) leading the pack with its shares trading 9.2% higher at $93.84.

Shares in South 32 Ltd (ASX: S32) were 6.3% higher in early trade, while Rio Tinto Ltd (ASX: RIO) shares were 2.9% higher at $157.64.

The Reuters report on the attacks said the aluminium suppliers in the Persian Gulf region had already been unable to ship to world markets due to the closure of the Strait of Hormuz.  

Aluminium Bahrain had already shut down lines one, two, and three at its site, "which together represent 19% of Alba's total production capacity of 1,623,000 metric tonnes per annum, as an operational measure to preserve business continuity amid ongoing supply and transit disruptions affecting the Strait of Hormuz''.

The company said further:

This targeted, line-specific action is designed to optimise the utilisation of Alba's existing raw materials inventory and prioritise operational stability across Reduction Lines 4, 5 and 6. By concentrating strategic raw materials' inputs on the most sustainable operating configuration, Alba aims to maintain production resilience, manage working capital prudently, and develop alternatives to reduce exposure to near-term supply volatility. Alba continues to monitor and respond to the situation and will provide updates to the market as appropriate. The Company is also working closely with suppliers and customers to manage commitments and mitigate disruption.

Emirates Global Aluminium claims to be the number one premium aluminium producer in the world, accounting for 4% of global production and 2.83 million tonnes of metal cast in 2025.

Local operators on the ropes

Australia's aluminium industry has been struggling to survive without government support in recent years, with Rio just last week securing a $2 billion taxpayer handout to keep Queensland's Boyne smelter operating until at least 2040.

The post Why are Australian aluminium shares charging higher today? appeared first on The Motley Fool Australia.

ASX mining shares have been the worst hit by the war in Iran, with the materials sector losing 15.3% of its value since the conflict began.

Some investors took profits this month after a strong run for ASX 200 mining shares, amid fears that higher diesel prices and potential shortages could hurt earnings and production for 2H FY26.

ASX 200 mining shares have also declined alongside metals prices, with gold down 17%, silver down 22%, lithium carbonate down 8%, and copper down 7% over the month. Iron ore has demonstrated resilience, rising 7% over the period to US$106 per tonne on Friday.

With the US and Iran still negotiating a 15-point plan for peace, it is hoped this war and the ensuing global oil shock will be over soon.

This may have motivated some investors to take up new or enhanced positions in ASX 200 mining shares last week, given the bright long-term outlook for the sector and the opportunity to buy the dip.

Reflecting the miners' fightback last week, the S&P/ASX 300 Metal & Mining Index (ASX: XMM) rose 4.4% while the benchmark S&P/ASX 200 Index (ASX: XJO) gained 1% to finish at 8,516.3 points.

Seven of the 11 market sectors finished in the green last week.

Let's recap.

ASX 200 mining shares fight back

The BHP Group Ltd (ASX: BHP) share price increased 6.1% to close at $50.37 on Friday.

BHP shares reached a record $59.39 on 3 March before the war prompted investors to take profits.

Despite last week's rebound, the ASX 200's largest mining stock remains 13.8% lower over 30 days.

Rio Tinto Ltd (ASX: RIO) shares lifted 4.3% to $153.23 last week, while Fortescue Ltd (ASX: FMG) gained 6.5% to $20.19.

The Mineral Resources Ltd (ASX: MIN) share price soared 9.7% to $56.69.

South32 Ltd (ASX: S32) shares increased 1.3% to $4.03 per share.

ASX 200 copper share Sandfire Resources Ltd (ASX: SFR) lifted 1.8% to $15.88, while Capstone Copper Corp (ASX: CSC) edged 0.6% lower to $10.14.

ASX 200 lithium shares had a ripsnorter of a week, with PLS Group Ltd (ASX: PLS) rocketing 21.8% to close at $5.15 on Friday.

The Liontown Ltd (ASX: LTR) share price soared 20.9% to $1.77, and Core Lithium Ltd (ASX: CXO) gained 11.9% to 24 cents.

Nickel and lithium producer IGO Ltd (ASX: IGO) lifted 16.5% to $7.93 per share.

Lynas Rare Earths Ltd (ASX: LYC) shares closed the week 2.7% higher at $10.08 apiece.

Bauxite and alumina producer Alcoa Corporation CDI (ASX: AAI) lifted 3.5% to $85.95 per share.

What about ASX gold shares?

The market's largest ASX 200 gold share, Northern Star Resources Ltd (ASX: NST) rose 0.3% to close at $18.55 on Friday.

The Evolution Mining Ltd (ASX: EVN) share price lifted 0.4% to $12.46, and Newmont Corporation CDI (ASX: NEM) rose 3.1% to $146.85.

Among the mid-caps, Vault Minerals Ltd (ASX: VAU) shares lifted 2.1% to $3.96, and Regis Resources Ltd (ASX: RRL) rose 1.1% to $6.26.

Gold and copper miner, Greatland Resources Ltd (ASX: GGP) fell 3.5% to $9.76.

ASX 200 market sector snapshot

Here's how the 11 market sectors stacked up last week, according to CommSec data.

Over the five trading days:

The post ASX 200 mining shares rebound after March sell-off creates opportunities appeared first on The Motley Fool Australia.

The ASX materials sector, which is dominated by the mega miners, is 2.3% higher, while the energy sector is down 3.5%.

The S&P/ASX 200 Index (ASX: XJO) is in recovery mode today, up 1%, after a surge in oil prices created a $90 billion rout yesterday.

While the war in Iran is dominating headlines, longer-term trends in our investment markets continue to play out.

One of them is a new commodities 'super cycle' that seems to be taking strong hold of our share market.

So, let's dig into the question posed in our headline today.

Is Australia now in a new mining boom?

Australia's last mining boom, from the early 2000s through to 2013, was primarily driven by China's rapid industrialisation.

This period saw a big increase in iron ore and coal prices, major investment in mining infrastructure, and a substantial lift in exports.

It appears we've now entered a new mining boom, but this one is not going to centre on iron ore, nor demand from just China.

This boom will centre on critical materials with industrial applications tied to electrification, power generation, and energy security.

Demand will come from many nations, underpinned by structural changes in the global economy that will take decades to play out.

Paul Wong and Jacob White from Sprott Asset Management name copper, uranium, lithium, rare earths, and silver as the commodities to watch.

In an article, Wong and White said:

[This is] a new kind of commodity supercycle.

The emerging bull market is not repeating past cycles, and is being driven by deglobalization, fiscal dominance and the global push for energy, infrastructure and strategic, domestic supply chains.

AMP Ltd (ASX: AMP) Head of Investment Strategy and Chief Economist, Shane Oliver, also says we are embarking on "a new super cycle in commodities".

In a recent article, Dr Oliver said:

… the commodity price slump from their 2008-2011 highs looks to be over with commodities embarking on a new super cycle bull market driven by constrained supply after low levels of investment and electrification and rising defence spending driving increased demand for metals.

This will benefit Australia's resource stocks.

Iron ore is likely to feature less this time around partly reflecting slowing urbanisation in China and its property slump.

Commodity prices and ASX mining shares

The price of gold, silver, copper, lithium, and many critical minerals skyrocketed last year amid rising demand and low supply.

This pushed up the prices and returns of scores of ASX mining shares, with materials the top sector of 2025, returning a staggering 36%.

Gold is part of this mining boom, but for different reasons. Gold is benefiting from central bank buying and safe-haven investor demand.

Wong and White added:

After years of shrinking representation in global portfolios, commodities and resource equities have broken out above multi-year trading ranges, an action that, in our view, marks the developing stages of the new commodity bull market.

Impact on ASX mining shares

The new mining boom is already playing out in the Australian share market.

The BHP Group Ltd (ASX: BHP) share price is up 31% over 12 months and 12.2% in the YTD.

BHP shares recently soared to $59.39 apiece, their highest level in 140 years, and the miner is once again the market's largest company.

Many other ASX mining shares have also hit new records.

These include Rio Tinto Ltd (ASX: RIO) shares at $170.71 per share and Northern Star Resources Ltd (ASX: NST) at $31.96 per share.

Take a look at the 12-month change in these ASX mining shares below.

Foolish Takeaway

Wong and White emphasise that this mining boom will not be broad-based, and targeted exposure is important.

They said:

Broad commodity exposure may lack focus on the critical materials currently leading this cycle.

Investors are increasingly focusing on companies tied directly to critical materials and structural demand trends.

As an example, Wong and White point out that copper miners are outperforming diversified miners.

We can see this by comparing the performance of Global X Copper Miners AUD ETF (ASX: WIRE), up 84% over 12 months, to diversified ETF BetaShares Australian Resources Sector ETF (ASX: QRE), up 42%, and VanEck Australian Resources ETF (ASX: MVR), up 48%.

Wong and White conclude:

We see considerable room for continued outperformance from select commodities and the associated equities. 

The post Australia's next great ASX mining boom: Are we already in it? appeared first on The Motley Fool Australia.