Zimbabwe has selected Kuvimba Mining to revive one of the continent’s largest steel mills.

"Iron ore is now caught between two opposing policies in China," Commonwealth Bank of Australia said in a note.

Copper held in warehouses tracked by the Shanghai Futures Exchange surged 28% last week and have more than quadrupled this year.

Beijing wants all purchases of the steelmaking material conducted through a single state-backed platform that’s under preparation, according to Bloomberg sources.

China's state planner will take steps to stabilise the commodity market and hasten construction of new infrastructure, it said on Friday.

If an average price of $130 a tonne is assumed for the first half of 2022, it implies that BHP is making $50 a tonne more than what Beijing might deem reasonable, writes Clyde Russell.

The miner posted an underlying net profit of $2.78 billion, compared with $4.08 billion a year earlier.

Woodmac flags growing commodity supply chain inefficiencies as Russia-Ukraine geopolitical tensions simmer.